Market Report: Southeast Florida, November 2020

Monthly Indicators –
SOUTHEAST FLORIDA –
November 2020 –

Data courtesy of floridarealtors.org

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

BeachesMLS Service Area

November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month.

New Listings decreased 5.7 percent for Single Family homes and 2.5 percent for Townhouse/Condo homes. Pending Sales increased 12.5 percent for Single Family homes and 12.3 percent for Townhouse/Condo homes. Inventory decreased 42.6 percent for Single Family homes and 8.6 percent for Townhouse/Condo homes.

Median Sales Price increased 14.6 percent to $400,000 for Single Family homes and 20.5 percent to $212,000 for Townhouse/Condo homes. Median Time to Contract decreased 50.0 percent for Single Family homes and 2.8 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 46.5 percent for Single Family homes and 7.7 percent for Townhouse/Condo homes.

Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions.

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