Royal Palm Coast Realtor Association reports August numbers
The August housing story remained much the same as in past months in Lee County, with lower inventory and significantly higher prices compared to the same period a year ago, according to the Royal Palm Coast Realtor Association.
New listings for the month decreased 7 percent for single-family homes and 28 percent for townhouse/condominium homes, while median sale prices were up 23.7 percent and 29 percent respectively.
However, pending sales jumped 49.6 percent for single-family homes and 33.7 percent for townhouses and condos versus August 2020. Inventory decreased 67.4 percent for single-family and 85.4 percent for townhouse/condo homes.
Also during August, days on market decreased 73.1 percent for single-family and 75.9 percent in the townhouse/condo category. In another key metric, months’ supply of housing inventory in Lee County decreased 76.9 percent for single-family homes and 90.9 percent for townhouse/condo units.
Nationally, the U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year. That comes as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future.
Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4 percent so far in 2021, according to Apartment List.
For more information, visit www.rpcra.org.