Significant Digits: March 2021
Each issue of Due Diligence offers a unique collection of Significant Digits which are charts with short descriptions. The goal is to highlight some interesting data from the market that can be understood at a glance. This issue reveals the 2020 pattern of residential sales in Florida and continued growth in state population.
Residential Sales in Florida
Florida single-family home sales volume suffered a Covid-19 blow during the second quarter. However, the recovery was quick and significant with a total of 310,378 sales during the year. this is a 5.8% increase over the 2019 volume.
Total Number of Closings During 2020: 310,378
Change from 2019: 5.8%
Source: Florida Realtors
Population Growth in Florida
Population Growth by Decade
- Both Florida and the United States have shown slower population growth over the last three decades
- Each decade the growth rate in Florida has outpaced that of the US
- Florida’s rate of growth is slowing at a less aggressive pace than the US rate
- Over the last decade, Florida’s population grew at twice the rate of the US population
Sources: US Census Bureau and University of Florida, Bureau of Economic and Business Research, 2020
Florida Population Growth
- Average annual population growth consistent with the decade chart above is approximately 1.4%
- Even though the decade growth rate has declined over the past three decades, the population growth during the past year was greater than the current decade average
- 2020 population growth significantly exceeded its expectation
Sources: US Census Bureau and University of Florida, Bureau of Economic and Business Research, 2020