By Luchian Bercea, Realtor®
Florida’s red hot real estate market is attracting a lot of attention these days. It’s a stark contrast to last April when things came to a temporary halt but by the end of the third quarter the market came roaring back. By the third quarter of 2020, tales of inventory lasting only a matter of minutes upon listing, multiple offers, and bidding wars were ubiquitous as a surge of out-of-state buyers descended upon the Sunshine State amid a mass migration of nearly a thousand people a day to Florida.
Affordable homes, low taxes and high ratings for happiness and desirability are just some of the reasons why a recent U.S. News & World Report put 13 Florida cities among 2020-2021 top 25 best places to retire. That coupled with the ever-changing landscape of the job market including increased remote working arrangements, has drawn significant numbers of buyers to our area.
Inventory remains low statewide. In the single-family existing home category, there was only a 1.8-month supply in December of 2020. Condos were at an approximate four-month supply. In Indian River County, the median time from listing to contract status was down by 50 percent over the previous year. St. Lucie County and Martin Country reported similar numbers. Limited inventory and high demand have intensified an already competitive market.
Despite the current inventory shortage, this is the busiest market the Treasure Coast has seen in years and values are soaring. And though conditions may favor sellers right now, interest rates are historically low, making it an optimal time to buy for those who need financing. According to Freddie Mac, the average interest rate for a 30-year fixed mortgage is at 2.68 percent, significantly lower that the 3.72 percent during the same period last year.
Most importantly, if you need to buy or sell right now, this is no time to go it alone. A skilled real estate professional is a must in a market like this. Real estate agents can monitor inventory more closely and quickly to help you hop on the right home as soon as it is listed.
For sellers, a good Realtor® will make sure your property is priced appropriately, help you navigate multiple offers, inspections, contingencies and ultimately get you the best value from your home from a suitably qualified buyer.
Treasure Coast Real Estate Snapshot
Luchian Bercea is a licensed Florida Realtor® with Dale Sorensen Real Estate.
Learn more at www.LuchianBercea.com