What Do December’s Numbers Say About Our Market?

We ended the year on a high note in our real estate market.

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The latest year-over-year numbers are in for our South Florida market. Here’s how the December 2020 numbers compare to what we saw in December 2019:

St. Lucie County:

• Closed sales increased 1.4% from 554 to 562 units
• The number of units paid in cash rose 8.9% from 112 to 122 units
• The average sale price rose 18.5% from $247,863 to $293,793
• The total dollar volume of homes sold rose 20.2% from $137.3 million to $165.1 million
• Pending sales increased 44.1% from 401 to 578 units
• New listings increased 4.8% from 586 to 614 units
• The month’s supply of inventory dropped 48.6% from 3.5 to 1.8 months

Martin County:

• Closed sales rose a whopping 35.1% from 194 to 262 units
• The number of units paid in cash rose 31.3% from 67 to 88 units
• The average sale price rose 24.4% from $501,134 to $623,470
• The total dollar volume of homes sold rose 68% from $97.2 million to $163.3 million
• Pending sales increased 69.2% from 120 to 203 units
• New listings increased 7.6% from 197 to 212 units
• The month’s supply of inventory dropped 51.1% from 4.5 to 2.2 months

Palm Beach County:

• Closed sales increased 25.6% from 1,420 to 1,784 units
• The number of units paid in cash rose 32.1% from 464 to 613 units
• The average sale price rose 73% from $494,689 to $855,831
• The total dollar volume of homes sold rose 117.4% from $702.5 million to $1.5 billion
• Pending sales increased 37.6% from 1,209 to 1,663 units
• New listings increased 6.9% from 1,395 to 1,491 units
• The month’s supply of inventory dropped 45.2% from 4.2 to 2.3 months

As you can see, our market finished 2020 strong. Average prices are way up across the board, especially in Palm Beach County where they are up an incredible 73% from last year! This is all great news for home sellers. The combination of strong demand and low inventory continues to drive our market forward. Interest rates also remain low, keeping homes affordable even as they rise in price.

If you have any questions for me about these numbers or anything else related to real estate, don’t hesitate to reach out to me today. I’d love to help you.

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