Market Report: Southeast Florida, December 2020

Monthly Indicators –
SOUTHEAST FLORIDA –
December 2020 –

Data courtesy of floridarealtors.org

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

BeachesMLS Service Area

December is normally one of the slowest months of the year but strong buyer demand across most segments of the market, buoyed by near-record low interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.

New Listings increased 5.5 percent for Single Family homes and 8.0 percent for Townhouse/Condo homes. Pending Sales increased 32.2 percent for Single Family homes and 35.1 percent for Townhouse/Condo homes. Inventory decreased 46.0 percent for Single Family homes and 13.6 percent for Townhouse/Condo homes.

Median Sales Price increased 15.9 percent to $405,750 for Single Family homes and 17.9 percent to $217,950 for Townhouse/Condo homes. Median Time to Contract decreased 48.5 percent for Single Family homes and 2.7 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 51.2 percent for Single Family homes and 13.7 percent for Townhouse/Condo homes.

With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. Low inventory and multiple offers on in- demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.

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