Where’s the South Florida Market Heading Into 2021?

After seeing these crazy new figures, it’s a great time to sell.

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

St. Lucie County:

• Closed sales increased 23.7% from 434 to 548 units
• The number of units paid in cash rose 5.5% from 108 to 115 units
• The average sale price rose 9.1% from $251,226 to $274,190
• The total dollar volume of homes sold rose 35% from $111.3 million to $150.3 million
• Pending sales increased 23.9% from 482 to 597 units
• New listings increased 4.8% from 586 to 614 units
• The month’s supply of inventory dropped 48.6% from 3.7 to 1.9 months

Martin County:

• Closed sales rose a whopping 38.5% from 174 to 241 units
• The number of units paid in cash rose 31.4% from 70 to 92 units
• The average sale price rose 48.4% from $434,787 to $645,229
• The total dollar volume of homes sold rose 105.5% from $75.7 million to $155.5 million
• Pending sales increased 43.8% from 176 to 253 units
• New listings increased 17.1% from 217 to 254 units
• The month’s supply of inventory dropped 47.7% from 4.4 to 2.3 months

Palm Beach County:

• Closed sales increased 28.4% from 1,194 to 1,533 units
• The number of units paid in cash rose 22.3% from 394 to 482 units
• The average sale price rose 53.8% from $489,503 to $753,028
• The total dollar volume of homes sold rose 97.5% from $584.5 million to $1.2 billion
• Pending sales increased 31.6% from 1,362 to 1,793 units
• New listings increased 3.8% from 1,662 to 1,725 units
• The month’s supply of inventory dropped 38.6% from 4.4 to 2.7 months

If you’re interested in selling, these numbers indicate that now is a great time to do so. In fact, it’s probably never been a better time with the combination of strong demand and low inventory. It’s also a great time to buy with interest rates so low. No matter what your situation is, you need to find a good Realtor to work with first, so don’t hesitate to reach out to me if you’re ready to buy or sell today.

As always, if you have any other real estate questions, feel free to reach out to me as well. I’d love to help you.

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