Florida closings for single-family homes were up 10.2 percent YoY in the first quarter of 2020. Median sale prices were up for existing single-family homes, increasing 6.7 percent to $270,000. The condo-townhouse market? Closed sales totaled 27,379 in the first quarter, up 9.3 percent YoY. Inventory was at a 3.4 months supply for single-family homes in Q1, and at a 5.5 months supply for condo and townhouses.
“Compared to the same quarter last year, total residential sales were up in the first quarter of 2020 across all 22 Florida metro areas,” said Florida REALTORS® Chief Economist Dr. Brad O’Connor. “Remember, going into the first quarter last year, the stock market was somewhat in flux and we had just entered the longest-ever shutdown of the federal government. So, home sale activity was a bit slow to start off. By March, though, falling mortgage rates came to the rescue, and sales started taking off. Mortgage interest rates are currently lower than they were even back then, though, so it’s no wonder our first quarter sales numbers for 2020 were so strong.”
“Obviously, we are not expecting a repeat performance in Q2 due to the coronavirus outbreak,” added O’Connor. “While we expect prices to remain stable through Q2, we will certainly see a reduced number of completed transactions.”
Source: Florida REALTORS®
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