Quarterly Market Detail - Q2 2021 Single-Family Homes
Quarterly Market Detail - Q2 2021 Single-Family Homes Florida
Summary Statistics
Closed Sales Paid in Cash Median Sale Price Average Sale Price Dollar Volume Median Percent of Original List Price Received Median Time to Contract Median Time to Sale
New Pending Sales New Listings Pending Inventory Inventory (Active Listings) Months Supply of Inventory
Q2 2021 98,414 29,921 $345,000 $524,760 $51.6 Billion
Q2 2020 68,671 12,967 $277,500 $368,911 $25.3 Billion
Percent Change Year-over-Year
43.3% 130.7% 24.3% 42.2% 103.9%
100.0%
97.3%
2.8%
9 Days 53 Days 97,300 104,902 49,735 32,835
1.1
37 Days 82 Days 86,859 84,450 48,593 65,471
2.8
-75.7% -35.4% 12.0% 24.2% 2.4% -49.8% -60.7%
Closed Sales
The number of sales transactions which closed during the quarter
Economists' note : Closed Sales are one of the simplest--yet most important--indicators for the residential real estate market. When comparing Closed Sales across markets of different sizes, we recommend comparing the percent changes in sales rather than the number of sales. Closed Sales (and many other market metrics) are affected by seasonal cycles, so actual trends are more accurately represented by year-over-year changes (i.e. comparing a quarter's sales to the amount of sales in the same quarter in the previous year), rather than changes from one quarter to the next.
Quarter
Year-to-Date Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018
Closed Sales
176,767 98,414 78,353 86,543 89,562 68,671 65,602 70,044 78,759 85,017 59,505 63,491 72,843 81,301
Percent Change Year-over-Year
31.6% 43.3% 19.4% 23.6% 13.7% -19.2% 10.2% 10.3% 8.1% 4.6% -1.2% 0.1% 7.5% 1.7%
Closed Sales
120,000
2017
2018
2019
2020
100,000
80,000
60,000
40,000
20,000
0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Produced by Florida Realtors? with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Thursday, August 12, 2021. Next data release is Wednesday, November 10, 2021.
Quarterly Market Detail - Q2 2021 Single-Family Homes Florida
Cash Sales
The number of Closed Sales during the quarter in which buyers exclusively paid in cash
Economists' note : Cash Sales can be a useful indicator of the extent to which investors are participating in the market. Why? Investors are far more likely to have the funds to purchase a home available up front, whereas the typical homebuyer requires a mortgage or some other form of financing. There are, of course, many possible exceptions, so this statistic should be interpreted with care.
Quarter
Year-to-Date Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018
Cash Sales
51,877 29,921 21,956 19,794 18,420 12,967 17,141 17,236 18,118 19,968 16,086 16,491 18,219 20,337
Percent Change Year-over-Year
72.3% 130.7% 28.1% 14.8%
1.7% -35.1% 6.6% 4.5% -0.6% -1.8% -6.7% -1.5% 6.1% -3.8%
Cash Sales
35,000
2017
2018
2019
2020
30,000
25,000
20,000
15,000
10,000
5,000
0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Cash Sales as a Percentage of Closed Sales
The percentage of Closed Sales during the quarter which were Cash Sales
Economists' note : This statistic is simply another way of viewing Cash Sales. The remaining percentages of Closed Sales (i.e. those not paid fully in cash) each quarter involved some sort of financing, such as mortgages, owner/seller financing, assumed loans, etc.
Quarter
Year-to-Date Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018
Percent of Closed Sales Paid in Cash
29.3% 30.4% 28.0% 22.9% 20.6% 18.9% 26.1% 24.6% 23.0% 23.5% 27.0% 26.0% 25.0% 25.0%
Percent Change Year-over-Year
30.8% 60.8% 7.3% -6.9% -10.4% -19.6% -3.3% -5.4% -8.0% -6.0% -5.9% -1.5% -1.2% -5.7%
Pct. of Closed Sales Paid in Cash
2017 35%
2018
2019
2020
30%
25%
20%
15%
10%
5%
0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Produced by Florida Realtors? with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Thursday, August 12, 2021. Next data release is Wednesday, November 10, 2021.
Quarterly Market Detail - Q2 2021 Single-Family Homes Florida
Median Sale Price
The median sale price reported for the quarter (i.e. 50% of sales were above and 50% of sales were below)
Economists' note : Median Sale Price is our preferred summary statistic for price activity because, unlike Average Sale Price, Median Sale Price is not sensitive to high sale prices for small numbers of homes that may not be characteristic of the market area. Keep in mind that median price trends over time are not always solely caused by changes in the general value of local real estate. Median sale price only reflects the values of the homes that sold each quarter, and the mix of the types of homes that sell can change over time.
Quarter
Year-to-Date Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018
Median Sale Price
$331,000 $345,000 $317,500 $306,000 $299,900 $277,500 $270,000 $267,000 $265,000 $265,000 $253,000 $255,000 $255,000 $256,500
Percent Change Year-over-Year
20.4% 24.3% 17.6% 14.6% 13.2% 4.7% 6.7% 4.7% 3.9% 3.3% 2.0% 6.3% 6.3% 6.9%
$400K
2017
2018
2019
2020
Median Sale Price
$300K
$200K
$100K
$0K Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Average Sale Price
The average sale price reported for the quarter (i.e. total sales in dollars divided by the number of sales)
Economists' note : Usually, we prefer Median Sale Price over Average Sale Price as a summary statistic for home prices. However, Average Sale Price does have its uses--particularly when it is analyzed alongside the Median Sale Price. For one, the relative difference between the two statistics can provide some insight into the market for higher-end homes in an area.
Quarter
Year-to-Date Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018
Average Sale Price
$505,625 $524,760 $481,591 $441,645 $413,795 $368,911 $365,765 $346,204 $345,395 $353,621 $338,991 $331,702 $329,461 $351,147
Percent Change Year-over-Year
37.6% 42.2% 31.7% 27.6% 19.8% 4.3% 7.9% 4.4% 4.8% 0.7% -0.2% 5.3% 5.2% 8.0%
Average Sale Price
$600K
2017
2018
2019
2020
$500K
$400K
$300K
$200K
$100K
$0K Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Produced by Florida Realtors? with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Thursday, August 12, 2021. Next data release is Wednesday, November 10, 2021.
Quarterly Market Detail - Q2 2021 Single-Family Homes Florida
Dollar Volume
The sum of the sale prices for all sales which closed during the quarter
Economists' note : Dollar Volume is simply the sum of all sale prices in a given time period, and can quickly be calculated by multiplying Closed Sales by Average Sale Price. It is a strong indicator of the health of the real estate industry in a market, and is of particular interest to real estate professionals, investors, analysts, and government agencies. Potential home sellers and home buyers, on the other hand, will likely be better served by paying attention to trends in the two components of Dollar Volume (i.e. sales and prices) individually.
Quarter
Year-to-Date Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018
Dollar Volume
$89.4 Billion $51.6 Billion $37.7 Billion $38.2 Billion $37.1 Billion $25.3 Billion $24.0 Billion $24.2 Billion $27.2 Billion $30.1 Billion $20.2 Billion $21.1 Billion $24.0 Billion $28.5 Billion
Percent Change Year-over-Year
81.2% 103.9% 57.3% 57.6% 36.2% -15.7% 19.0% 15.1% 13.4%
5.3% -1.4% 5.4% 13.1% 9.8%
Dollar Volume
$60 B
2017
2018
2019
2020
$50 B
$40 B
$30 B
$20 B
$10 B
$0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Median Percent of Original List Price Received
The median of the sale price (as a percentage of the original list price) across all properties selling during the quarter
Economists' note : The Median Percent of Original List Price Received is useful as an indicator of market recovery, since it typically rises as buyers realize that the market may be moving away from them and they need to match the selling price (or better it) in order to get a contract on the house. This is usually the last measure to indicate a market has shifted from down to up, so it is what we would call a lagging indicator.
Quarter
Year-to-Date Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018
Med. Pct. of Orig. List Price Received
100.0% 100.0% 99.0% 98.4% 97.8% 97.3% 96.8% 96.7% 96.8% 96.6% 96.0% 96.2% 96.6% 96.7%
Percent Change Year-over-Year
3.0% 2.8% 2.3% 1.8% 1.0% 0.7% 0.8% 0.5% 0.2% -0.1% -0.3% -0.1% 0.1% 0.3%
Med. Pct. of Orig. List Price Received
120%
2017
2018
2019
2020
100%
80%
60%
40%
20%
0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Produced by Florida Realtors? with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Thursday, August 12, 2021. Next data release is Wednesday, November 10, 2021.
Quarterly Market Detail - Q2 2021 Single-Family Homes Florida
Median Time to Contract
The median number of days between the listing date and contract date for all Closed Sales during the quarter
Economists' note : Like Time to Sale, Time to Contract is a measure of the length of the home selling process calculated for sales which closed during the quarter. The difference is that Time to Contract measures the number of days between the initial listing of a property and the signing of the contract which eventually led to the closing of the sale. When the gap between Median Time to Contract and Median Time to Sale grows, it is usually a sign of longer closing times and/or declining numbers of cash sales.
Quarter
Year-to-Date Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018
Median Time to Contract 13 Days 9 Days 19 Days 20 Days 29 Days 37 Days 43 Days 39 Days 38 Days 41 Days 51 Days 41 Days 37 Days 35 Days
Percent Change Year-over-Year
-67.5% -75.7% -55.8% -48.7% -23.7% -9.8% -15.7% -4.9% 2.7% 17.1% 13.3% -4.7% 0.0% -10.3%
Median Time to Contract
2017 60
2018
2019
2020
50
40
30
20
10
0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Median Time to Sale
The median number of days between the listing date and closing date for all Closed Sales during the quarter
Economists' note : Time to Sale is a measure of the length of the home selling process, calculated as the number of days between the initial listing of a property and the closing of the sale. Median Time to Sale is the amount of time the "middle" property selling this month was on the market. That is, 50% of homes selling this month took less time to sell, and 50% of homes took more time to sell. Median Time to Sale gives a more accurate picture than Average Time to Sale, which can be skewed upward by small numbers of properties taking an abnormally long time to sell.
Quarter
Year-to-Date Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018
Median Time to Sale
57 Days 53 Days 64 Days 66 Days 73 Days 82 Days 87 Days 81 Days 80 Days 84 Days 94 Days 83 Days 79 Days 79 Days
Percent Change Year-over-Year
-32.1% -35.4% -26.4% -18.5% -8.8% -2.4% -7.4% -2.4% 1.3% 6.3% 6.8% -6.7% -3.7% -6.0%
Median Time to Sale
2017 120
2018
2019
2020
100
80
60
40
20
0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Produced by Florida Realtors? with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Thursday, August 12, 2021. Next data release is Wednesday, November 10, 2021.
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