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The Honest Broker: MARKET WATCH For October 2021

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The Honest Broker: MARKET WATCH For October 2021

   BY: DIANE LOTT, BROKER     PARADISE FOUND REALTY

Single Family Homes

        OCT  2020

        OCT 2021

      % Change

Closed Sales

             280

            210

          -25.0%

Ave. Sale Price

         $624,018

     $713,767

          14.4%

Median Time to Sale

         78 Days

       53 Days

         -32.1%

New Listings

             260

           189

          -15.6%

Active Inventory (# of homes)

             507

           251

         -50.5%

Months’ Supply of Inventory

              2.4

            1.0

         -58.3%

SUMMARY:  The number of homes and the supply of homes on the market are down significantly by 50% or greater. Also, there is a decrease of new listings coming on the market.

CONDITION:  Seller’s Market as reflected by the increased prices and diminished inventory. Selling price of homes has increased to almost 14% over last year’s pricing.

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

       OCT 2020

       OCT 2021

        % Change

Closed Sales

            125

             102

             -18.4%

Ave. Sale Price

        $222,053

        $256,036

              15.3%

Median Time to Sale

          66 Days

           48 Days

             -27.3%

New Listings

           107

            92

             -14.0%

Active Inventory (# of homes)

           286

            105

             -63.3%

Months’ Supply of Inventory

            3.0

             0.9

             -70.0%

SUMMARY:  Closed Sales are approximately what they were last year. The average selling price is leveling off but still 15% higher than last year’s selling price.

There is a significant decrease in the number of townhomes/condos on the market. 

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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