APRIL 26. 2021 | According to Florida Realtors Chief Economist Brad O’Connor Ph.D., “Starting in the single-family home category, we tallied 32,819 successful closings statewide. That’s the highest one-month total we’ve ever reported for this statistic, going back to January 2008 when our current data series begins.” There were over 23 percent more single-family home closings in March of this year than in March of 2020.
Brad O’Connor continues with his overview by saying, “Let’s face it, it’s the rate of sales growth over in the condo and townhome category that continues to steal the show.” In March of this year, this category closed 16,518 properties, significantly outpacing the December 2020 one-month record of 12,752. The scarcity of single-family homes for sale contributed to the increase.
Low inventory levels and strong demand continue to drive up home sales. In March, the median home price of single-family homes was $327,000, which is up nearly 19 percent from a year ago. According to O’Connor, “As we’ve seen in recent months, some of this rise in the median price is due to bona fide home price appreciation, but we also continue to see a heavier share of luxury properties in the sales mix compared to a year ago, which is also contributing to this rise.”
Inventory remains at historic lows. In March, the number of single-family homes for sale decreased 76.8 percent from the same time last year, leaving only a 1.3 month supply. The number of condos and townhomes faired a little better, declining 44.3 percent from the previous year, closing the month with a 2.8 month supply. Although the number of available properties in this category is scarce, buyers can find good opportunities in Singer Island, the oceanfront oasis slightly east of North Palm Beach.
A total of 52 properties closed in March, up 26.8 percent from the previous year. The sales volume of all properties totaled 31.5 million; 68.4 percent were cash buyers.
Pending homes sales totaled 71 in March, an increase of 222.7 percent from the previous year. The number of new listings, year-over-year, increased by 9.6 percent. During March, 52 properties closed in North Palm Beach, 13 were single-family homes, and 44 were condos and townhomes.
Sellers are in an excellent position to attract qualified buyers and get the best possible price. With summer and the potential for higher mortgage rates around the corner, now is a perfect time for sellers to weigh their options.
Opportunities for buyers seeking the Florida lifestyle exist. However, with the inventory at historic lows and fierce competition, you’ll need to be well-positioned to win the deal. First, have your financial plan established, and be sure to be pre-approved for a mortgage—also, partner with a trusted Realtor who knows the area and the inventory. New properties become available every day, and they don’t last for long. Guarantee that you’re in the know; it’s as simple as requesting email listing alerts that deliver the latest and greatest based on your specific wants and needs. Learn More.
Source | Florida Realtors
Market reports for individual communities and condo buildings in North Palm Beach, Singer Island, 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. Call or text Patti at 561-254-6310.