Tight Inventory Supports Signs of a Seller’s Market
This is a national trend- the number of active real estate listings just isn’t enough to match buyer demand. Despite efforts of increasing inventory levels, most US cities are still struggling to have enough housing stock. This is apparent as house prices in July went up 5 percent which means affordability is also dropping. Properties priced below $200,000 are selling a lot faster than luxury homes .
Focus on Florida
So what do these national trends say about Florida housing market predictions? Well, the Florida real estate market is looking very healthy. We’re seeing consistent growth in sales, prices, and real estate transactions. Still, inventory trends are following national trends. New listings of single-family homes went down 2.2 percent this year with 96,984 new units on the market. Condo listings dropped double that by 4.5 percent with only 39,618 units. New home listings are expected to continue dropping throughout 2020.
Although the number of Florida investment properties for sale isn’t rising, home sales still are. Single-family home sales in the Florida housing market had a YoY increase of 4.6 percent, with a total sales volume of 85,017.
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