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