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April 2020 Market Summary

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April 2020 Market Summary

May 18,2020 Jose Perez 0comments

As we have all been dealing with this unprecedented time in our history, we want to keep you updated on what the real estate market is performing. As expected there has been an impact to real estate, just like millions of people, and thousands of industries have been affected. Primarily, we want to make sure you and your family are Safe, Healthy and Well. Please stay safe and continue good healthy habits. #stayhealthy

Its a mixed bag out in the market at this time in Florida. While interest rates continue to be historically low (see insert below), the number of sales, new listings and volume was down in April from March. Good news, the interest rates where also down, keeping affordability at an all time high. The average rate for April dropped to approximately 3.2% on a 30 Year Fixed Mortgage. That is down sharply from the 3.45% rate in March. #interestrates

Interest rates fluctuate daily or even several times a day, so its always good to check with your Loan Officer or Lender. If you need one, don’t hesitate to call us and we can refer you to one or several of our long term partners that can help you immediately. We work with lenders such as HomeBridge Financial, Wells Fargo, Chase, Suntrust, Fairwinds Credit Unions, FL Mortgage Consultants, and others. #mortgage #lenders #buyahome

The market continues to experience challenges due to covid-19 but there are signs of improvement as the state continues to open back up for business. The number of new listings on the market dropped by 33% month to month, but equally as important is that the number of sold properties only dropped 24% and the number of New Listings on the market only dropped 7%. This makes for an unusual situation, but a healthy one, as the inventory increased by a healthy 33%, form 3 months to 4 months. This means that the buyer has a larger number of listings to choose from when buying. We are still very low to the average of 12 months that is considered “normal”. See the summary below. #marketsummary #realestateprosfl #bestrealtor #toplistingagent


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