South Florida Real Estate Market
As you will see in the video covering the South Florida real estate market, the closed sales for single-family homes for May 2020 to May 2021 have jumped up 96.5% and the closed sales for the first 5 months of 2020 compared to the first 5 months of 2021 went up 33%.
The median sales prices for the South Florida real estate market also went up 13.7% from May of 2020 to May of 2021 and the median sales prices for the first 5 months of 20 versus 2021 went up 27.5%.
The inventory for the South Florida real estate market for sale in May of 2020 versus May of 2021 has gone down a massive 65.2% bringing the month's supply of inventory to a historic 1.1 months. That means less than 1 month supply of inventory. So if no other homes come on the market, what's left in Jupiter would be sold out in 1.1 months!
However, looking at the national trends, we are seeing inventory pick up from the beginning of the year at 1.9 months in January 2021 to 2.4 months in April.
The inventory for North Palm Beach County in January was 1,734 homes. In May it's dropped to 1128 homes. Condos and townhomes in January were 2,325 and are now 1,170 for May.
New listings coming on the market in January were 856 and may is 903 so there's a little bit of a positive trend there. Townhomes and condos in January were 979 is down to 848. This decrease is likely due to people that cannot afford to buy single-family homes are turning to condos and townhomes.
Of course, this is great news for sellers. It's not all bad news for buyers though. If you are thinking of buying a home, we have a lot of strategies that we use to put buyers in a strong negotiating position when making offers on homes.
Most economists predict that home prices will continue to rise but not at a dramatic pace. They predict an average of 8.2% price appreciation for the remainder of 2021. So, again, if you're thinking of making a move, it's still best to do it sooner than later before interest rates AND prices go up this year and next. As we've discussed before, there's no evidence there will be any kind of "Bubble" bursting and causing prices to drop.
For the full story and more information please see the video.