Market Report: Southeast Florida, September 2021

Monthly Indicators –
SOUTHEAST FLORIDA –
September 2021 –

Data courtesy of floridarealtors.org

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

Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.

New Listings decreased 11.4 percent for Single Family homes and 19.1 percent for Townhouse/Condo homes. Pending Sales decreased 8.7 percent for Single Family homes but increased 3.6 percent for Townhouse/Condo homes. Inventory decreased 42.2 percent for Single Family homes and 58.8 percent for Townhouse/Condo homes.

Median Sales Price increased 15.4 percent to $450,000 for Single Family homes and 15.6 percent to $230,000 for Townhouse/Condo homes. Median Time to Contract decreased 42.1 percent for Single Family homes and 58.3 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 50.0 percent for Single Family homes and 70.9 percent for Townhouse/Condo homes.

There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.

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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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