Market Report: Southeast Florida, July 2020

Monthly Indicators –
SOUTHEAST FLORIDA –
July 2020 –

Data courtesy of floridarealtors.org

Beaches MLS Service Area:
Broward | Palm Beaches | St Lucie

Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.

New Listings decreased 0.7 percent for Single Family homes but increased 13.9 percent for Townhouse/Condo homes. Pending Sales increased 16.1 percent for Single Family homes and 4.5 percent for Townhouse/Condo homes. Inventory decreased 35.1 percent for Single Family homes and 1.6 percent for Townhouse/Condo homes.

Median Sales Price increased 8.5 percent to $385,000 for Single Family homes and 12.4 percent to $200,000 for Townhouse/Condo homes. Median Time to Contract decreased 8.6 percent for Single Family homes but increased 9.8 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 33.3 percent for Single Family homes but increased 7.8 percent for Townhouse/Condo homes.

While the number of unemployment insurance weekly initial claims have been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates remaining near record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market.

For a detailed PDF with full market stats, please request one by filling out this form:

To sign up for the newsletter, please click here.

Jupiter Dream Life Team | LPT Realty
Team Lead — Heather E Towe, PA
REALTOR®, CRS®, CLHMS®, e-PRO®, PSA®
(561) 778-1642 | hello@jupiterdreamlife.com
Licensed to Sell Real Estate in Florida

How can we help you?
Luxury Real Estate Specialists in and around Palm Beach County

Offering expert real estate advice to everyone, and referrals to local real estate experts all over the world.

Find the Value of Your Home: Click here.
Find Your Next Home: Click here.
Search for New Construction: Click here.

Sign Up for Newsletter: Click here
Book An Appointment: Click here.

%d bloggers like this: