June 2020’s numbers point largely towards recovery, stick with us here as we quickly go through June’s closed sales data. Just as before we are going to be looking at statewide closed sales figures for the entire month of June.
We will look at two different market segments: Single Family Homes & Condo/Townhouses.
For June 2020 in the single family home segment we have returned to a year over year increase in closed sales, though it is by a small margin, just 1.3%. Remember in the previous 2 months sales were down year over year. 21 percent in April and 36 percent in May. We should continue to see numbers grow in the coming months as new pending sales are up 23 percent year of year in June!
Now, there are several factors going into this huge increase and we’ve both been very busy in the world of real estate.
Some of the factors causing this huge increase in demand
- Pent up demand from people who planned to make a move in March, April, or May
- All of the people who normally move in the summer months
- People who realized they need a backyard or more space as they’re now spending much more time at home
- People whose jobs have now moved to work from home and they can now move to Florida!
- Mortgage rates are as low as we’ve ever seen them and forecasted to stay the same for some time to come
Looking at the condo/townhouse segment sales are still down, though they have improved. Closed sales were down around 11 percent year over year in June but this is a big improvement over May’s 50 percent decrease. There is some really positive news in this segment as well, with a nearly 20 percent increase in new pending sales in the segment vs June of 2019.
Throughout this Coronavirus Pandemic, we have seen Florida home values remain stable, as a matter of fact we have even seen values continue to rise. The median sale price for a single family home sold in Florida in June was $282,000 which represents a 4.4 percentage increase from last year. On the condo/townhouse segment the median price was up 7.7% to $210,000!
via June Closed Sales – 2020 Florida Real Estate Market Update