Harmony Florida Housing Market Statistics 2021 Versus 2020

Harmony Florida Housing Market Statistics 2021 Versus2020 Presented By Jeanine Corcoran

Jeanine is the broker of Corcoran Connect, a real estate companyand host of the Discover Harmony Florida podcast series. She isjoined by her co-host Kristin Macari owner of Studio Nine 13.Welcome to the 9th episode of Discover Harmony Florida where theycover the Harmony Florida housing market statistics for 2021 versus2020. See source video here.

Jeanine stated that appraisers will not compare two-story homesto one-story homes and as a result that is the way we will breakdown the housing market statistics for 2021 versus 2020. In 2020the median price per square foot was $144.50 and in 2021 it was$173.96 for single-story homes. This was a 20% jump in the priceper square foot for single-story homes.

Video Podcast For TheHarmony Florida Housing Market Statistics

This 20% increase is coming off a year that was already high.Jeanine added that if she were an investor, she would be investingin single-story homes all day long because they fit a wide varietyof people. You have families where mom and dad are living withthem, and they need to be in a downstairs bedroom, and youdon’t always have that with a two-story home. Jeanine said aone-story home fits everyone.

Florida Housing Market Statistics Covering Days On TheMarket

Jeanine then went to the category of “days on themarket”. In 2020 which was a fast-moving market the averagedays on the market was 12 days. In comparison, it was only 4 dayson the market in 2021. Kristin added that a seller needed 4 days togo through the 40+ offers on each home that was sold.

Jeanine then moved on to Harmony FL housing statistics for two-story homes. In2020, the price per square foot was $123.70 and in 2021, thatnumber jumped to $144.65 which represents a 17% increase year overyear.

Then looking at the average days on the market for two-storyhomes, in 2020 it was 30 days and in 2021, it was only 4 days onthe market. In 2020, there were 56 homes sold and in 2021, therewere 80 homes sold.

Jeanine then provided the housing market statistics for TheLakes in Harmony which is a 55 and older community. She noted thatselling a home in The Lakes usually takes longer because people inthat age group tend to take more time to think through things anddecide what they are going to do. It is not a quick process forthem.

In 2020, the average price per square foot for The Lakes was$141.95 and in 2021 it was $161.09 which represents a 13.5%increase. Kristin added that the reason the increase wasn’tas large with The Lakes is that the resales are newer there andthey are still building new construction.

It is always a challenge when you are competing against thebuilder. Last year in 2020, it was 52 days on the market and thisyear in 2021 it was 25 days. Eight homes were sold in 2020 and in2021 the number sold was 8 again.

Harmony Florida Townhome Sales AndMetrics

Townhome statistics were next on Jeanine’s agenda. In 2020the price per square foot was $116.74 and in 2021, it was $124.20which is a 6% increase. Last year in 2020, there were 10 townhomessold and in 2021, there were only 7 sold. The average number ofdays on market in 2020 was 24 days and in 2021 it was 43 days.There was one property that stayed on the market for 145 days thatcaused the disparity in this metric.

Harmony Florida Condo Sales And Metrics

Now onto Harmony FL housing market statistics for condos. InAshley Park, there are townhomes and condos. There are 3 condounits for every building, and they are all the same. The price persquare foot for condos in 2020 was $111.70 and in 2021 it was$117.03 which is a 5% increase. There were 12 condos sold in 2020and 16 sold in 2021. The average number of days on the market in2020 was 29 and in 2021 it was 15 days.

Kristin said that the Harmony Florida market has just been onfire and there is still no inventory. There is nothing to buy.Jeanine was recently asked if there going to be a crash in the realestate market and she said, no, because the banks won’t allowthat to happen.

During Covid, rents were forgiven, and payments were put on theback end of the mortgage, etc. These things were not done duringthe last real estate crash. Could the market go down? Yes,absolutely, it could always go down. All the experts are sayingthat the current frenzy will continue through the spring and summerof 2022. Jeanine added that interest rates will go up because ofinflation. There must be a balance.

Real Estate Market Prediction 2022

Jeanine’s prediction for the real estate market in 2022 isthat interest rates are going to up at least 3 more times. However,she doesn’t believe that interest rates will reach 4% thisyear. To be perfectly clear, this is just a guess by Jeanine.

Kristin was just speaking with a mortgage lender, Ryan fromNorthpointe and he predicted an interest rate of 4.5% by the summerof 2022. Currently, rates are at 3.67%. She added that one of herold bosses from a real estate development company said that thereis no right time to do anything. When you are ready, that is thetime. She said even if interest rates rise, people are still goingto need homes.

We hope you enjoyed Jeanine and Kristin walking you through theHarmony FL housing market statistics 2021 versus 2020. We want tokeep you up to date with what is happening in the real estatemarket in Harmony so you can capitalize as it relates to your realestate needs.