Inventory Crunch Sparks Sellers Market

Median Home Proce North Palm Beach Florida January, 2021

Inventory Crunch Sparks Sellers Market

January 2021 Real Estate Market Report | North Palm Beach, Fl.

February 22, 2021, the lack of supply and strong demand for properties in North Palm Beach, Florida, has qualified buyers competing for available homes and paying considerably more. Based on all property types, the median sales price, i.e., 50-percent of the sales were above, and 50-percent were below, increased 39-percent from a year ago.

The number of new single-family home listings was lower than the previous year. However,  the number of new listings has been trending up. During the fourth quarter of 2020, the number of closed single-family homes was substantial, with November up 225-percent from the previous year.

The number of closed sales changed course after November 2020, the primary cause, inventory. The industry considers six-months a standard or average supply. But as people flock to Florida, the inventory of single-family homes in North Palm Beach has dipped below a 2-month supply, a year-over-year decrease of 51.1-percent. Condos and townhomes paint a slightly better picture with a 3.9-month supply, a decline of 15-percent from the previous year.

Florida Realtors Chief Economist Dr. Brad O’Connor noted that Florida’s housing market kicked off 2021 on a strong note. “Eighteen percent year-over-year growth in single-family sales and 25% growth in condo and townhouse sales are way, way above our historical average – and we will likely remain well above our historical average for most, if not all, of 2021.”

If you’re considering selling, now is a great time to make a move. Market reports for individual communities and condo buildings in North Palm Beach, Juno Beach,  Jupiter, and Palm Beach Gardens are available by request. To receive your complimentary market report via email, complete the form on this page and include your community/condo’s name in the message. Feel free to call/text Patti directly at 561-254-6310 too, or email at pkcnpb@gmail.com  

Source | Florida Realtors

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