THE HONEST BROKER: MARKET WATCH For APRIL 2021

BY: DIANE LOTT, BROKER

PARADISE FOUND REALTY

Single Family Homes	APR 2020	APR 2021	% Change
Closed Sales	180	286	58.9%
Ave. Sale Price	$515,674	$1,035,304	100.8%
Median Time to Sale	84 Days	56 Days	-33.3%
New Listings	192	315	64.1%
Active Inventory (# of homes)	965	340	-64.8%
Months’ Supply of Inventory	4.8	1.4	-70.8%

SUMMARY: Closed sales are up by 60% and more homes are being added (new listings) to the current inventory; up by 64%.

CONDITION: Seller’s Market as reflected by the increased prices and diminished inventory.

This is creating a situation where multiple buyers are bidding on the same property resulting in what is termed as a “bidding war”. In many situations, buyers are paying over “list price” to win the home.

The closed sale price increase also reflects that the luxury home market in Martin County has seen a rise.

Townhomes & Condos	APR 2020	APR 2021	% Change
Closed Sales	88	165	87.5%
Ave. Sale Price	$250,824	$341,029	36.0%
Median Time to Sale	69 Days	62 Days	-10.1%
New Listings	83	154	85.5%
Active Inventory (# of homes)	418	204	-51.2%
Months’ Supply of Inventory	4.6	1.9	-58.7%

SUMMARY: Closed Sales are up by 88%. Prices have significantly increased.

CONDITION: There is less active inventory on the market causing an advantage that favors the seller. This is producing a Seller’s Market trend. However, there is marked increase of new listings (86%) being added to the current inventory.

This is a snapshot over the past 12 months for the real estate market in Martin County. My prediction is that we will continue to see an increase in home sales throughout the next quarter.

Stay well…

Diane

Diane Lott, Broker

Owner: Paradise Found Realty

*The highest compliment you can give is when you feel you can refer a friend…

Hope to see them soon!

Paradise Found Realty, Inc. of Palm City

website: www.ParadiseFoundRealtyFl.com

Email: diane@paradisefoundrealtyfl.com

Phone: 954-294-5060