2021 is over, and the last market update for the year is now available from Florida Realtors! The Ocala, Florida housing market closed out 2021 continuing many of the same trends that have shaped this eventful past year. However, we may see some new trends on the horizon for 2022. Here are the basics that you need to know about the December 2021 housing market as we get closer to spring.
Closed Sales in Ocala Over the Past Year
Now that 2021 is over, we can look at the entire year’s worth of closed sales. December 2021 had 773 closed sales, of which 226 were paid in cash. Throughout 2021, there were a total of 9,178 closed sales transactions in Ocala, showing a slight increase over previous years. All the December sales transactions added up to a sum of $252.8 million, with a year-to-date sum of $2.6 billion!
Employment Growth and Rental Demand Continue
Continuing a trend that has been going on for a while now, strong employment growth and rental demand remain in Ocala. Rental prices jumped more than 10% last year—and are poised to go even higher in 2022.
Increased Inventory Is Finally on the Horizon!
If you know anything about Florida real estate, you’ll know that inventory has been incredibly low over the past year. December 2021 statistics showed that there was just a 1.1-month supply of inventory, even lower than December 2020’s 2-month supply. There were 830 active listings in the month of December in Ocala.
Luckily for those looking to purchase property in the Sunshine State, inventory is predicted to rebuild in 2022. The increased supply will be generated, in part, from new housing construction as well as from the end of forbearance for struggling mortgage payers, a situation that will cause some homeowners to sell.
The Competitive Seller’s Market May Become Less Intense
Buyers have been struggling due to the incredibly competitive market. However, when inventory begins to pick up over the next few months, the intense multiple offers will start to cease. Though the seller’s market is likely to remain intense for the foreseeable future, it will start to calm down because there will be more listings available to buyers.
Sale Prices Remain High
If you’re a real estate investor, you’re likely in a good place right now. The median sale price of an Ocala home in the 2021 4th quarter measured at $250,000. This is up 28% from the 2020 4th quarter. The average sale price in December 2021 was sitting near $327,000 whereas it was just $248,000 in 2021.
What we are seeing with our current investor clients is that their assets have substantially increased in value. Historically, real estate prices will go up over time. While the residential real estate market may be uncertain, it’s a great time for single and multi-family investors.
As it has been for many months now, Florida is still in a seller’s market. We are excited to see what the new year brings!