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 February 2021. Read on to learn more about the real estate market in South Palm Beach County
Economic Indicators
Mortgage interest rates ticked a bit higher in February, but remain below their February 2020 levels. Interest rates may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.” With rates still at historically low levels, home sales are unlikely to be significantly impacted, though higher rates do impact affordability.
Local Market Summary
New Listings decreased 21.8 percent for Single Family homes and 6.8 percent for Townhouse/Condo homes. Pending Sales increased 3.6 percent for Single Family homes and 19.4 percent for Townhouse/Condo homes. Inventory decreased 63.4 percent for Single Family homes and 35.3 percent for Townhouse/Condo homes. Median Sales Price increased 25.3 percent to $475,000 for Single Family homes and 21.6 percent to $220,000 for Townhouse/Condo homes. Median Time to Contract decreased 50.0 percent for Single Family homes and 22.9 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 65.9 percent for Single Family homes and 38.0 percent for Townhouse/Condo homes.
Inventory Challenges
We are seeing a vast decline in available inventory at any given time, as days on market have decreased significantly. With more people receiving vaccines, and more Americans seeking the benefits of living in Florida, the competition amongst Buyers is fierce.
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.
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