“Market conditions for today’s prospective buyers have finished worsening.”
Brad O’Connor Ph. D. Florida Realtors Chief Economist
Statewide | Florida Realtors
In a statement by Florida Chief Economist Brad O’Connor Ph. D, “Compared to one year ago in June 2020, this June there were actually close to 14% fewer new pending sales. That’s not anything to be alarmed about, but it is just something we’ll have to get used to over the remaining months of 2021. The housing market recovery in the second half of 2020 was a market on steroids, fueled by pent-up demand from the postponed spring buying season and falling interest rates, so there’s never been any expectation that we’d come close to that level of performance in the second half of 2021.”
O’Connor continued on to say, “The active inventory of single-family homes on the resale market registered its first significant monthly increase in June since March of last year. The number of single-family homes on the market as of the end of June was close to 8% higher than it was at the end of May. It was still over 47% below where it was one year ago at this time, of course, but still, all current signs point to us having reached the peak of the seller’s market. That doesn’t mean we’re going to swing right back into a buyer’s market, though. Remember, we were already in a seller’s market for single-family homes before the pandemic. All this means is that market conditions for today’s prospective buyers have finished worsening.”
Palm Beach Gardens
In Palm Beach Gardens, inventory remains at historic lows. The number of new single-family homes for sale increased 10.9 percent from the same time last year, leaving only a 1.5 month supply. The median price, 50 percent higher and 50 percent lower, of single-family homes in Palm Beach Gardens increased 71.3 percent.
The number of available condos and townhomes decreased 59.0 percent from the previous year, closing the month with a 1.6 month supply. A total of 208 properties closed in June, 114 single-family homes, and 94 townhomes and condos. The sales volume of all properties totaled 189.9M.
New pending homes sales totaled 114 in June, a decrease of 34.1 percent from the previous year. There were 196 new listings in June, a year-over-year increased of 16.0 percent.
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.