Home prices increase due to low inventory
With low housing inventory down 11.7%, we have seen home prices rise. Many people are staying in their homes due to the effects of COVID-19 and the economic impact it has had. The limited available inventory in the housing market has created price wars and as a result, a further increase in home prices. As a seller, do not be surprised if you get offers above asking price.
In Florida, median prices for homes rose 4% year over year rising up to $295,000 according to Florida Realtors®. In comparison with condo townhouses, prices increased 9.6% up to $200,000. For condos, prices rose 5.8%.
When looking at the areas where we are seeing the largest price increases, Miami and Ft. Lauderdale was on the list in addition to Gainesville, Daytona Beach, Homosassa, and Sebring. The condo market experienced the biggest gains in Crestview Fort Walton Beach, Delton Daytona Beach, Homosassa Springs, Panama City, Punta Gorda, The Villages, Sarasota Bradenton, and Sebastian Vero Beach.
If you are considering selling your home, townhome, or condo, this is the time to do so. Not only will you most likely get the price you are asking for or higher, but you will also be able to sell it quickly. With our agents who are experts in the market and creative marketing tactics, we can help you take advantage of this opportunity to get top dollar for you home. Call us today.