Market Report: Southeast Florida, February 2021

Monthly Indicators –
SOUTHEAST FLORIDA –
February 2021 –

Data courtesy of floridarealtors.org

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

BeachesMLS Service Area

Mortgage interest rates ticked a bit higher in February, but remain below their February 2020 levels. Interest rates may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.” With rates still at historically low levels, home sales are unlikely to be significantly impacted, though higher rates do impact affordability.

New Listings decreased 12.9 percent for Single Family homes and 6.7 percent for Townhouse/Condo homes. Pending Sales increased 16.8 percent for Single Family homes and 31.0 percent for Townhouse/Condo homes. Inventory decreased 58.9 percent for Single Family homes and 30.7 percent for Townhouse/Condo homes.

Median Sales Price increased 15.3 percent to $415,000 for Single Family homes and 20.8 percent to $218,700 for Townhouse/Condo homes. Median Time to Contract decreased 54.5 percent for Single Family homes and 19.1 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 61.9 percent for Single Family homes and 34.5 percent for Townhouse/Condo homes.

For homeowners currently struggling due to COVID-19, government agencies are continuing efforts to help those in need. The Federal Housing Finance Agency announced they will allow homeowners with loans backed by Fannie Mae and Freddie Mac to receive an additional three months of forbearance, extending total payment relief to up to 18 months. Qualified homeowners must already be in a forbearance plan as of the end of February.

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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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