The Honest Broker : MARKET WATCH For JUNE 2021
BY: DIANE LOTT, BROKER
PARADISE FOUND REALTY
Single Family Homes |
JUN 2020 |
JUN 2021 |
% Change |
Closed Sales |
243 |
275 |
13.2% |
Ave. Sale Price |
$716,697 |
$790,716 |
10.3% |
Median Time to Sale |
102 Days |
59 Days |
-42.2% |
New Listings |
241 |
315 |
14.9% |
Active Inventory (# of homes) |
712 |
365 |
-48.7% |
Months’ Supply of Inventory |
3.8 |
1.4 |
-63.2% |
SUMMARY: Closed sales are up 13% from last year but essentially the same as last month showing a tightening of the market. New inventory to the market is still down
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 |
JUN 2020 |
JUN 2021 |
% Change |
Closed Sales |
96 |
134 |
39.6% |
Ave. Sale Price |
$201,547 |
$255,019 |
26.5% |
Median Time to Sale |
89 Days |
61 Days |
-31.5% |
New Listings |
110 |
120 |
9.1% |
Active Inventory (# of homes) |
377 |
167 |
-55.7% |
Months’ Supply of Inventory |
4.4 |
1.4 |
-68.2% |
SUMMARY: Closed Sales are up by 40% from last year but are also flattening from last month showing a tightening of the market.
CONDITION: There is less active inventory on the market causing an advantage that favors the seller. This is producing a Seller’s Market trend. However, there is marked increase of new listings (86%) being added to the current inventory.
This is a snapshot over the past 12 months for the real estate market in Martin County. My prediction is that we will continue to see an increase in home sales throughout the next quarter.
Be well ….
Stay safe and 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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