The real estate market in South Florida has been booming for several months now. And while there has been a bit of a cool off, it is safe to say that this strong market will continue through the summer and even possibly into the fall.
As families start their summer vacations, Florida may be a popular destination for many who are checking out areas for future moves. The summertime allows for families to travel and discover new locations that may be of interest for relocation – and Florida seems to be at the top of the list for so many!
Investors are also being drawn to Florida with new opportunities for capitalizing on the mad rush of movers to the south with the potential for new development – both residential and commercial.
So what kind of trends are we seeing in the past few months? The number of real estate contracts in Palm Beach County has been dropping since a peak in March, but the numbers are still significantly higher than this time last year. New home sales almost doubled in May 2021 compared to those in 2020. Inventory is still at an all-time low, especially with lower priced homes, since only recently we have experienced a climb in higher priced homes for sale in quite some time.
There are few key stats that you should pay attention to if you are considering selling your home. In Palm Beach County, the median number of days from listing to a signed contract for a single-family home during the month of May was 11 with sellers receiving 99.5% of the original listing price. Martin County is almost identical with a median number of days on the market being 12 and sellers receiving 99.3% of the original listing price.
If you buying or selling your home has been a consideration, there’s much more to be discussed. I’m happy to talk with you more about this, so let’s connect and discuss your goals for the remainder of 2021!