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