THE HONEST BROKER: MARKET WATCH for FEBRUARY 2021

THE HONEST BROKER: MARKET WATCH for FEBRUARY 2021

   BY: DIANE LOTT, BROKER

          PARADISE FOUND REALTY

Single Family Homes

     FEB  2020

     FEB 2021

      % Change

Closed Sales

        170

         207

          21.8%

Ave. Sale Price

     $628,941

      $719,276

          14.4%

Median Time to Sale

      94 Days

       81 Days

         -10.0%

New Listings

       297

       274

         -7.7%

Active Inventory (# of homes)

       923

       350

         -62.1%

Months’ Supply of Inventory

        4.6

        1.5

         -67.4%

SUMMARY: Inventory of homes are being absorbed faster than homes coming on to the market.

CONDITION:  Seller’s Market as reflected by the increased prices and diminished inventory. 

This is creating a situation where multiple buyers are bidding on the same property resulting in what is termed as a “bidding war”.  In many situations, buyers are paying over “list price” to win the home.

The closed sale price increase also reflects that the luxury home market in Martin County has seen a rise.

Townhomes & Condos

       FEB 2020

        FEB 2021

        % Change

Closed Sales

            85

             103

            21.2%

Ave. Sale Price

        $214,004

        $248,225

            16.0%

Median Time to Sale

          88 Days

           86 Days

             -2.3%

New Listings

           135

          127

              -5.9%

Active Inventory (# of homes)

           411

          252

            -38.7%

Months’ Supply of Inventory

            4.5

           2.5

             -44.4%

SUMMARY:  Sales are still showing an increase since this same time last year.  Prices have significantly increased.

CONDITION:  There is less active inventory on the market causing an advantage that favors the seller.  This is producing a Seller’s Market trend.

This is a snapshot over the past 12 months for the real estate market in Martin County.  This is an incredibly positive reflection of how active our market has been, even while experiencing the Covid-19 pandemic.  Realtors, sellers, and buyers have been successfully following CDC guidelines while still pursuing the goal of buying and selling homes.  My prediction is that we will continue to see an increase in home sales throughout the next quarter. 

Stay well …

Diane

Diane Lott, Broker

Owner: Paradise Found Realty

*The highest compliment you can give is when you feel you can refer a friend…
  Hope to see them soon!

Paradise Found Realty, Inc. of Palm City

website:  www.ParadiseFoundRealtyFl.com

Email:  diane@paradisefoundrealtyfl.com

Phone:  954-294-5060

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  • Posted 3 years ago

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