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 March 2021. Read on to learn more about the real estate market in South Palm Beach County:
Demand continues to outpace Supply
Normal spring increases in sales activity, coupled with relaxing COVID-19 policies, created a very busy March real estate market as buyer demand continued largely unabated in the face of rising home prices and mortgage rates. Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.
Local Market Summary
New Listings increased 7.0 percent for Single Family homes and 22.3 percent for Townhouse/Condo homes. Pending Sales increased 94.6 percent for Single Family homes and 140.8 percent for Townhouse/Condo homes. Inventory decreased 69.0 percent for Single Family homes and 45.1 percent for Townhouse/Condo homes. Median Sales Price increased 17.5 percent to $446,500 for Single Family homes and 18.8 percent to $222,750 for Townhouse/Condo homes. Median Time to Contract decreased 58.8 percent for Single Family homes and 5.6 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 73.3 percent for Single Family homes and 53.8 percent for Townhouse/Condo homes.
While many homebuilders are working to increase their activity, the cost of lumber and other materials and a backlogged supply chain continue to limit new home construction and have increased costs substantially. New methods of construction, including 3d printed homes, could speed construction and reduce costs in the future, but realistically are several years away from making a measurable impact in 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