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THE HONEST BROKER :MARKET WATCH For JULY 2021

THE HONEST BROKER: WHAT CAN I AFFORD TO BUY?

THE HONEST BROKER :MARKET WATCH For JULY 2021

   BY: DIANE LOTT, BROKER     PARADISE FOUND REALTY

Single Family Homes

        JUL  2020

        JUL 2021

      % Change

Closed Sales

             280

          256

          -8.6%

Ave. Sale Price

         $634,265

     $679,242

          7.1%

Median Time to Sale

         110 Days

       55 Days

         -50.0%

New Listings

             270

       248

           -8.1%

Active Inventory (# of homes)

             670

       305

         -54.5%

Months’ Supply of Inventory

              3.4

        1.2

         -64.7%

SUMMARY: Closed sales are down for the first time since March .  The number of homes and the supply of homes on the market are down significantly by 55% or greater. Also, there is a decrease of new listings coming on the market by 8%

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

The situation remains the same as multiple buyers continue to bid 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. 

Townhomes & Condos

       JUL 2020

        JUL 2021

        % Change

Closed Sales

            101

             110

               8.9%

Ave. Sale Price

        $210,522

        $267,182

              26.9%

Median Time to Sale

          117 Days

           58 Days

             -50.4%

New Listings

           137

            108

             -21.2%

Active Inventory (# of homes)

           364

            131

             -64.0%

Months’ Supply of Inventory

            4.2

             1.1

             -73.8%

SUMMARY:  Closed Sales have fallen by over 30% since last April but remain up from last year by 9%.

There is a significant decrease in townhomes/condos on the market and the months of supply by 64% and 74% respectively.

CONDITION:  Seller’s Market as reflected by the diminished inventory and higher sales price.  

 

Be 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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