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
Paradise Found Realty, Inc. of Palm City
website: www.ParadiseFoundRealtyFl.com
Email: diane@paradisefoundrealtyfl.com
Phone: 954-294-5060
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