Market Report: Southeast Florida, January 2021

Monthly Indicators –
SOUTHEAST FLORIDA –
January 2021 –

Data courtesy of floridarealtors.org

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

BeachesMLS Service Area

January started off strong for the housing market, with healthy buyer demand and strong market fundamentals. A robust increase in housing starts in December points to an active year for new construction, but higher material costs, especially lumber, and a limited supply of buildable lots will temper the number of new units.

New Listings decreased 20.5 percent for Single Family homes and 12.1 percent for Townhouse/Condo homes. Pending Sales increased 12.0 percent for Single Family homes and 21.4 percent for Townhouse/Condo homes. Inventory decreased 52.1 percent for Single Family homes and 21.6 percent for Townhouse/Condo homes.

Median Sales Price increased 12.7 percent to $400,000 for Single Family homes and 19.5 percent to $215,000 for Townhouse/Condo homes. Median Time to Contract decreased 53.8 percent for Single Family homes and 20.9 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 54.8 percent for Single Family homes and 24.1 percent for Townhouse/Condo homes.

The Mortgage Bankers Association’s January research estimates approximately 2.7 million homeowners with mortgages are currently in forbearance plans. Some of these homes may eventually come to market, but given the strong appreciation in most market segments in recent years, these eventual home sales are likely to be mostly traditional sellers. However, a modest increase in short sales and foreclosures at some point this year would not be surprising.

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Heather E. Towe, P.A.
REALTOR®, CRS®, CLHMS®, e-PRO®, PSA®
561-806-8550 | heather.towe.gmail.com
Licensed to Sell Real Estate in Florida

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