Newly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for December. Read on to learn more about the real estate market in South Palm Beach County:
Inventory Remains Tight - Especially for Single Family Homes
December is normally one of the slowest months of the year but strong buyer demand across most segments of the market, buoyed by near-record low interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market. New Listings increased 6.9 percent for Single Family homes and 7.7 percent for Townhouse/Condo homes. Pending Sales increased 34.6 percent for Single Family homes and 23.8 percent for Townhouse/Condo homes. Inventory decreased 49.3 percent for Single Family homes and 16.1 percent for Townhouse/Condo homes. Median Sales Price increased 14.7 percent to $430,000 for Single Family homes and 17.5 percent to $222,000 for Townhouse/Condo homes. Median Time to Contract decreased 41.2 percent for Single Family homes and 2.9 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 51.2 percent for Single Family homes and 16.7 percent for Townhouse/Condo homes.
What's in Store in 2021?
With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.
Want to know more?
I’m always here to help you navigate the local market. I can analyze the specific neighborhood and price range for you, whether you are interested in buying or in selling. Contact me today for a customized look at the latest conditions for the Boca Raton real estate market and beyond.Posted by Gloria Singer on