THE HONEST BROKER: MARKET WATCH For January 2021

BY: DIANE LOTT, BROKER

PARADISE FOUND REALTY

Single Family Homes	JAN 2020	JAN 2021	% Change
Closed Sales	144	174	20.8%
Ave. Sale Price	$499,969	$727,707	45.6%
Median Time to Sale	104 Days	68 Days	-34.6%
New Listings	320	250	-21.9%
Active Inventory	926	403	-56.5%
Months’ Supply of Inventory	4.6	1.8	-60.9%

SUMMARY: Inventory of homes are being absorbed faster than homes coming on to the market.

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	JAN 2020	JAN 2021	% Change
Closed Sales	64	72	12.5%
Ave. Sale Price	$204,259	$286,544	40.3%
Median Time to Sale	98 Days	81 Days	-17.3%
New Listings	164	136	-17.1%
Active Inventory	421	276	-34.4%
Months’ Supply of Inventory	4.7	2.7	-42.6%

SUMMARY: Sales are still showing an increase since this same time last year. 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.

This is a snapshot over the past 12 months for the real estate market in Martin County. This is an incredibly positive reflection of how active our market has been, even while experiencing the Covid-19 pandemic. Realtors, sellers, and buyers have been successfully following CDC guidelines while still pursuing the goal of buying and selling homes. 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