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The Honest Broker: MARKET WATCH For Nov 2021

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The Honest Broker: MARKET WATCH For Nov 2021

   BY: DIANE LOTT, BROKER     PARADISE FOUND REALTY

Single Family Homes

        NOV  2020

        NOV 2021

      % Change

Closed Sales

             241

            194

          -19.5%

Ave. Sale Price

         $645,229

     $709,734

          10.0%

Median Time to Sale

         77 Days

       53 Days

         -31.2%

New Listings

             254

           169

          -33.5%

Active Inventory (# of homes)

             498

           231

         -53.6%

Months’ Supply of Inventory

              2.3

            1.0

         -56.5%

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 10% over last year’s pricing creating a leveling off  of selling prices and no longer showing a steep increase.

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

       NOV 2020

       NOV 2021

        % Change

Closed Sales

            108

             76

             -29.6%

Ave. Sale Price

        $211,528

        $292,944

              38.5%

Median Time to Sale

          70 Days

           47 Days

             -32.9%

New Listings

           120

            151

             20.0%

Active Inventory (# of homes)

           289

            105

             -47.8%

Months’ Supply of Inventory

            3.0

             1.3

             -56.7%

SUMMARY:  Closed Sales are approximately what they were last year. The average selling price has increased over last year at this time by 39%.

The number of townhomes/condos on the market is increasing but still lower than last year by 48%

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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