Where’s the South Florida Market Heading?
We’re starting 2021 off on the right foot in our real estate market.
The latest year-over-year numbers are in for our South Florida market. Here’s how the January 2021 numbers compare to what we saw in January 2020:
St. Lucie County:
-Closed sales increased 21.9% from 347 to 423 units
-The number of units paid in cash rose 22.8% from 92 to 113 units
-The average sale price rose 16.8% from $249,754 to $291,783
-The total dollar volume of homes sold rose 42.4% from $86.7 million to $123.4 million
-Pending sales increased 9.6% from 584 to 640 units
-New listings decreased 16.8% from 832 to 692 units
-The month’s supply of inventory dropped 53.8% from 3.9 to 1.8 months
-Closed sales rose 20.8% from 144 to 274 units
-The number of units paid in cash rose 10.6% from 66 to 73 units
-The average sale price rose 45.6% from $499,969 to $727,707
-The total dollar volume of homes sold rose 75.9% from $72 million to $126.6 million
-Pending sales increased 22.5% from 320 to 250 units
-New listings decreased 21.9% from 320 to 250 units
-The month’s supply of inventory dropped 60.9% from 4.6 to 1.8 months
Palm Beach County:
-Closed sales increased 5.5% from 1,094 to 1,154 units
-The number of units paid in cash rose 1.2% from 409 to 414 units
-The average sale price rose 39.3% from $609,770 to $849,145
-The total dollar volume of homes sold rose 46.9% from $667.1 million to $979.9 million
-Pending sales increased 3.5% from 1,717 to 1,777 units
-New listings decreased 13.3% from 2,137 to 1,853 units
-The month’s supply of inventory dropped 46.5% from 4.3 to 2.3 months
Our real estate market continues to be strong and heavily influenced by low inventory and low interest rates. This is all great news for homebuyers and home sellers. Homes are selling faster and for more money, but home affordability hasn’t changed because of the low rates.
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.