Florida Realtors has released a detailed report of the Florida real estate market in the third quarter of 2021. As 2021 is drawing to an end, several details stand out. In Q3, single family home sales throughout the state of Florida totaled 88,592, which is down 1.1% from the same time period last year. Condo and townhouse sales, however, are up 13% in relation to the numbers from Q3 of 2020 for a total of 37,876 properties sold. The increase in condo sales could be a result of the rising home prices as well as the influx of buyers from out of state. Many buyers coming from large cities look to the condo/townhouse market, which could account for the large growth in condo closings in the past year.
The median prices for properties in Florida has slowed somewhat in the third quarter, but remains robust. Single family home sales averaged for $355,000 statewide, up 18.4% over 2020, while median condo sales closed 18.6% higher than 2020 at $254,900. While inventory grew in Q3, it is still desperately lagging in many markets around the state. Demand is still incredibly strong for our Florida real estate markets, and properties are still moving very quickly. The average time from listing to contract for a single family home was just 10 days, and 15 for a condo. On top of that, the average property received 4 offers for purchase. This just shows the level of competition for real estate in the state. Further illustrating this point is the huge number of all-cash closings that took place. Cash purchases of single family homes rose by 45.5% over Q3 of 2020! Cash purchases of condos rose by 33.2%.
The market for real estate in the Florida Keys has been incredibly competitive as well. The average home price in the Keys has risen by 28.5% from 2020. Average days on the market in the Keys has dropped by 27.6%, while inventory has dropped by 38% in just this year. So not only are homes priced higher, but they are selling much faster because inventory is scarce. Many industry insiders believe 2022 will see alleviation of much of this competition. Buyers looking to purchase a home or condo for sale in the Florida Keys are looking to 2022 to bring the relief that the market desperately needs.