“Market conditions for today’s prospective buyers have finished worsening.”
Brad O’Connor Ph. D. Florida Realtors Chief Economist
Statewide | Florida Realtors
In a statement by Florida Chief Economist Brad O’Connor Ph. D, “Compared to one year ago in June 2020, this June there were actually close to 14% *fewer* new pending sales. That’s not anything to be alarmed about, but it is just something we’ll have to get used to over the remaining months of 2021. The housing market recovery in the second half of 2020 was a market on steroids, fueled by pent-up demand from the postponed spring buying season and falling interest rates, so there’s never been any expectation that we’d come close to that level of performance in the second half of 2021.”
O’Connor continued on to say, “The active inventory of single-family homes on the resale market registered its first significant monthly increase in June since March of last year. The number of single-family homes on the market as of the end of June was close to 8% higher than it was at the end of May. It was still over 47% below where it was one year ago at this time, of course, but still, all current signs point to us having reached the peak of the seller’s market. That doesn’t mean we’re going to swing right back into a buyer’s market, though. Remember, we were already in a seller’s market for single-family homes before the pandemic. All this means is that market conditions for today’s prospective buyers have finished worsening.”
North Palm Beach
In North Palm Beach, the number of new single-family homes for sale increased 15.4 percent from the same time last year. Inventory levels remain at historic lows. However, the month’s supply increased slightly from the previous month, a 2.0 month supply compared to a 1.5 month supply. Year-over-year, the average price of single-family homes in North Palm Beach increased 122.6 percent.
The number of available condos and townhomes decreased 62.5 percent from the previous year, closing the month with a 2.1 month supply. The sales volume of all properties totaled 17.7 million, up 344.2 percent from the same time last year.
New pending sales for all property types totaled 29 in June, a decrease of 49.1 percent from the previous year. The number of new listings, year-over-year, was unchanged. During June, 10 single-family homes and 36 condos and townhomes closed in North Palm Beach.
Sellers remain in an excellent position to attract qualified buyers and get the best possible price. As the potential for higher mortgage rates increases, now is a perfect time for sellers to weigh their options.
Opportunities for buyers seeking the Florida lifestyle remain challenging but are improving. New properties become available every day, and they don’t last for long. However, with the inventory at historic lows and fierce competition, you’ll need to be well-positioned to win the deal. First, have your financial plan established, and be sure to be pre-approved for a mortgage—also, partner with a trusted Realtor who knows the area and the inventory. Guarantee that you’re in the know; it’s as simple as requesting email listing alerts that deliver the latest and greatest based on your specific wants and needs. Learn More.
Market reports for individual communities and condo buildings in North Palm Beach, Singer Island, Juno Beach, Jupiter, and Palm Beach Gardens are available by request. To receive your complimentary market report via email, complete the form on this page and include your community/condo’s name in the message. Call or text Patti at 561-254-6310. Email, email@example.com