Housing sales for Business 1115

Citrus County’s existing single-family home market continued its hot trend in March. The median sales price for a single-family home was a record $215,750.

Citrus County experienced a record-setting year in real estate and — except for declining inventory — the immediate outlook looks bright.

The median sales price for a single-family home in March was $215,750, the highest it has ever been, according to Kelly Tedrick, president of the Realtors Association of Citrus County.

Last month there were 384 single-family homes sold, and another 61 residential sales including townhouses, condos, and manufactured homes, according to the latest Florida Realtors report.

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“Those numbers would be even higher if we had enough available inventory to keep up with the overwhelming buyer demand,” Tedrick said. “If we continue to sell homes at this rate, without any new homes being added to the market, Citrus County will run out of homes before the end of every month.”

Other March highlights:

• Pending home sales were 462, up 52% from last year.

• There were 139 buyers who paid cash for their home, up 32%.

• It took just 21 days for seller and buyer to go to contract on a home — up 60% from 52 days last year.

Tedrick said March was the highest one-month total of closed sales for single-family homes in the state of Florida ever recorded, going back to January 2008 when the current data series began.

That is a 23.3% increase from March 2020 to March 2021 in closed sales on single-family homes.

“Although condo and townhouse sales were hit particularly hard early in the pandemic, they continue to steal the show when it comes to statistical growth in Florida,” Tedrick said.

Year-over-year sales growth for condos and townhomes outpaced that of single-family home sales since last August.

“In March, this trend came to a peak with a record-setting 52.6% increase compared to a year ago,” Tedrick said.

Statewide, the increase in pending sales transactions for March shows the high housing demand, said Lawrence Yun, chief economist with the National Association of Realtors (NAR).

“With mortgage rates still very close to record lows and a solid job recovery underway, demand will likely remain high," Yun said.

Even though low inventory is a problem — not just in Citrus County but throughout Florida, Yun believes the situation will improve as new-home construction intensifies in the coming months.

Contact Chronicle reporter Michael D. Bates at 352-563-3205 or mbates@chronicleonline.com. To see more of his stories, visit  tinyurl.com/y6kb23vv.