Harmony Florida Housing Market Statistics 2021 Versus 2020 Presented By Jeanine Corcoran
Jeanine is the broker for The Corcoran Connection, a real estate company and host of the Discover Harmony Florida podcast series. She is joined by her co-host Kristin Macari owner of Studio Nine 13. Welcome to the 9th episode of Discover Harmony Florida where they cover the Harmony Florida housing market statistics for 2021 versus 2020. See source video here.
Jeanine stated that appraisers will not compare two-story homes to one-story homes and as a result that is the way we will break down the housing market statistics for 2021 versus 2020. In 2020 the 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 price per square foot for single-story homes.
Video Podcast For The Harmony 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 investing in single-story homes all day long because they fit a wide variety of people. You have families where mom and dad are living with them, and they need to be in a downstairs bedroom, and you don’t always have that with a two-story home. Jeanine said a one-story home fits everyone.
Florida Housing Market Statistics Covering Days On The Market
Jeanine then went to the category of “days on the market”. In 2020 which was a fast-moving market the average days on the market was 12 days. In comparison, it was only 4 days on the market in 2021. Kristin added that a seller needed 4 days to go through the 40+ offers on each home that was sold.
Jeanine then moved on to Harmony FL housing statistics for two-story homes. In 2020, the price per square foot was $123.70 and in 2021, that number jumped to $144.65 which represents a 17% increase year over year.
Then looking at the average days on the market for two-story homes, in 2020 it was 30 days and in 2021, it was only 4 days on the market. In 2020, there were 56 homes sold and in 2021, there were 80 homes sold.
Jeanine then provided the housing market statistics for The Lakes in Harmony which is a 55 and older community. She noted that selling a home in The Lakes usually takes longer because people in that age group tend to take more time to think through things and decide what they are going to do. It is not a quick process for them.
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’t as large with The Lakes is that the resales are newer there and they are still building new construction.
It is always a challenge when you are competing against the builder. Last year in 2020, it was 52 days on the market and this year in 2021 it was 25 days. Eight homes were sold in 2020 and in 2021 the number sold was 8 again.
Harmony Florida Townhome Sales And Metrics
Townhome statistics were next on Jeanine’s agenda. In 2020 the price per square foot was $116.74 and in 2021, it was $124.20 which is a 6% increase. Last year in 2020, there were 10 townhomes sold and in 2021, there were only 7 sold. The average number of days 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 that caused the disparity in this metric.
Harmony Florida Condo Sales And Metrics
Now onto Harmony FL housing market statistics for condos. In Ashley Park, there are townhomes and condos. There are 3 condo units for every building, and they are all the same. The price per square 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 2020 and 16 sold in 2021. The average number of days on the market in 2020 was 29 and in 2021 it was 15 days.
Kristin said that the Harmony Florida market has just been on fire and there is still no inventory. There is nothing to buy. Jeanine was recently asked if there going to be a crash in the real estate market and she said, no, because the banks won’t allow that to happen.
During Covid, rents were forgiven, and payments were put on the back end of the mortgage, etc. These things were not done during the last real estate crash. Could the market go down? Yes, absolutely, it could always go down. All the experts are saying that the current frenzy will continue through the spring and summer of 2022. Jeanine added that interest rates will go up because of inflation. There must be a balance.
Real Estate Market Prediction 2022
Jeanine’s prediction for the real estate market in 2022 is that interest rates are going to up at least 3 more times. However, she doesn’t believe that interest rates will reach 4% this year. To be perfectly clear, this is just a guess by Jeanine.
Kristin was just speaking with a mortgage lender, Ryan from Northpointe and he predicted an interest rate of 4.5% by the summer of 2022. Currently, rates are at 3.67%. She added that one of her old bosses from a real estate development company said that there is no right time to do anything. When you are ready, that is the time. She said even if interest rates rise, people are still going to need homes.
We hope you enjoyed Jeanine and Kristin walking you through the Harmony FL housing market statistics 2021 versus 2020. We want to keep you up to date with what is happening in the real estate market in Harmony so you can capitalize as it relates to your real estate needs.