Posted On: November 15, 2019
When it comes to sales we’ve seen more this year than we did last year. When we look at the condo-townhouse market, total sales closed was 29,539 in 3Q. That total was up 2.2% from last year’s 3Q.
Prices have raised in this 3Q from last year by 3.9% for family homes (average sales price being $265,000). Also, there was a raise of 4.1% toward the average of a condo-townhouse (average price being $190,000).
But we did see a rise in pending sales for single-family houses (4.4%) and condo-townhouses (.5%).
We did also see a rise in pending inventory by 1.7% for single-family homes and an increase for condo-townhouses by .9%.
Florida Realtors Chief Economist Dr. Brad O’Connor said; “Inventory levels – particularly among single-family homes for sale – continued to fall throughout the third quarter. But so did mortgage interest rates, which provided opportunities for both prospective and current homeowners.”
So where we have seen a drop in inventory levels, we have seen a drop in mortgage rates.
The 30-year fixed-rate mortgage averaged 3.67%, whereas last year it was 4.57%. This helps when new home buyers are considering a house’s affordability. Where we saw a raise in prices, we witnessed a drop in mortgage rates which has helped even everything out to create a more affordable environment for buyers.
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