“FEBRUARY WAS YET ANOTHER SOLID MONTH FOR HOME SALES. BUT, AS ANY REALTOR OR BUYER WILL TELL YOU, “THIS IS A SELLER’S MARKET IF THERE EVER WAS ONE.”
Florida REALTORS Chief Economist, Brad O’Connor Ph.D
March 22, 2021, Statewide, demand and qualified buyers are plentiful. According to Florida Realtors Chief Economist Brad O’Connor Ph.D. “The latest data from Florida Realtors shows that February was yet another solid month for home sales. But, as any Realtor or Buyer will tell you, “this is a seller’s market if there ever was one.” Single-family homes, especially, are going quickly, often with multiple offers.
According to South Florida Agent, Florida is among the top eight states for inbound migration. 57% of moves to Florida were inbound, and 43% were outbound. As a result, prices are up, and inventory is in demand throughout the State.
The real estate industry considers six-months a standard or average supply of available homes. However, the surge in demand and home sales has seriously depleted the supply, leaving Florida with a mere 1.9 months supply of single-family, condos, and townhomes for sale, down 51.3% from the previous year. Year-over-year closed sales increased 19.5%, and the median price increased by 15.2%.
Inventory is at historic lows. In February, the number of single-family homes decreased 63.3% from the same time last year, leaving only a 1.8 month supply. The number of condos and townhomes faired a little better, declining 33.2% from the previous year, closing the month with a 2.3 month supply — slightly lower than the previous month.
The lack of supply and strong demand for properties in Palm Beach Gardens has created a very competitive seller’s market. The median sales price of all property types increased 12% from a year ago. Year-over-year, the median price for single-family homes increased 42.6%, condos and townhomes increased 16.3%.
In February, pending sales in Palm Beach Gardens grew 13.9% from last year. Thirty-six percent of the increase is a result of single-family homes under contract. The number of condos and townhomes under contract decreased by 11.5%.
Realtors are actively listing condos and townhomes in Palm Beach Gardens. 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 to weigh your options.
Source | Florida Realtors
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. Call or text Patti at 561-254-6310.
Patti Kreusler Ceravolo, Broker Associate, at Illustrated Properties
2725 PGA Blvd., Palm Beach Gardens, Florida 33410