Market Report: Southeast Florida, March 2021

Monthly Indicators –
SOUTHEAST FLORIDA –
March 2021 –

Data courtesy of floridarealtors.org

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

Normal spring increases in sales activity, coupled with relaxing COVID-19 policies, created a very busy March real estate market as buyer demand continued largely unabated in the face of rising home prices and mortgage rates. Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.

New Listings increased 7.7 percent for Single Family homes and 16.4 percent for Townhouse/Condo homes. Pending Sales increased 79.8 percent for Single Family homes and 152.3 percent for Townhouse/Condo homes. Inventory decreased 63.0 percent for Single Family homes and 41.7 percent for Townhouse/Condo homes.

Median Sales Price increased 16.3 percent to $420,000 for Single Family homes and 18.5 percent to $225,000 for Townhouse/Condo homes. Median Time to Contract decreased 60.6 percent for Single Family homes and 18.4 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 70.5 percent for Single Family homes and 51.7 percent for Townhouse/Condo homes.

While many homebuilders are working to increase their activity, the cost of lumber and other materials and a backlogged supply chain continue to limit new home construction and have increased costs substantially. New methods of construction, including 3d printed homes, could speed construction and reduce costs in the future, but realistically are several years away from making a measurable impact in the market

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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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