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THE FLORIDA REAL ESTATE MARKET IS GOING CRAZY!

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While Florida home-and-condominium-sale prices have increased for 112 consecutive months, the trend has exploded in the past year due to several factors including lower mortgage interest rates and the Covid-19 Pandemic. According to a Florida Realtors Research Department report, the median Florida sales price for existing single-family homes in February was $314,000. This is 16.6% more than 2020. Also, the median price of condos and townhomes in Florida was $233,240. This is 16.6% more than 2020.

Florida real estate agents, particularly for South Florida condos and single-family homes, are reporting strong business. They also report sales of nearly any home that is reasonably priced and in good condition. Closed sales in Florida of condos and townhomes increased by almost 29% over February 2020 to 11,379 in February 2021. The number of single-family homes in February 2021 was 23,947 – an increase of 15.7% over February 2020.

Homebuyers are not going to be able to wait for the prices to drop by waiting. Since 2020, the inventory of single-family homes is down 56.3%. Many Florida homeowners are reluctant to list their homes for sale due to limited inventory and higher prices. Florida’s active listings have dropped to just over one month for single-family homes and only 3.4 months for condos or townhomes. A healthy market should have a minimum of six months supply of homes available for sale.

All price brackets are affected by the Florida housing boom. Condos near the beach and priced below $600,000. have been particularly popular in Fort Lauderdale. Inventory in older buildings, where units are priced between $400 and $500 per square foot, has dropped dramatically. Many listings in large developments, which typically have several dozen listings, are now down to a handful of condos or none at all. Fort Lauderdale single-family home sales are between $400,000 and $600,000. This is an increase of over 45% from January 2020. The number of existing Fort Lauderdale condo sales between $400,000 to $600,000.000 also increased by 75%.

This post was written by Dayana Susterman Dotoli. Dayana is the head real estate agent for the Tiffany House In Ft. Lauderdale Beach. Dayana has assisted over 150 individuals with buying, selling, and leasing at Tiffany House. The Tiffany House Residences is a 12 story tower,  offers 129 residences, including 1, 2 and 3-bedroom condominiums and townhomes, with exclusive, resort-style amenities and views of the Intracoastal Waterway and the Atlantic Ocean.

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