Real Estate Market For 2021

 

Sales of single-family homes surged 23.2% to 1,656 while the median sales price increased 14.6% to $415,000, according to the Broward, Palm Beaches & St. Lucie Realtors. Sales of $1 million-plus homes were even stronger, with an 84.4% increase. Active listings declined 39%, so the supply of inventory at the current sales pace shrank to 2.5 months. That’s a seller’s market with a shortage of inventory. The median time to contract was a mere 22 days, down by half from a year ago.

Condo/townhouse sales increased 23.1% to 1,585 while the median sales price increased 12.5% to $189,000. Active listings inched down 1%, so the supply of inventory at the current sales pace increased to 6.3 months. That’s a fairly balanced market between buyers and sellers
A big reason for the median sales price increase is more luxury homes are selling this year. Florida has lured many wealthy residents from other states, and they are buying homes in greater numbers.
Florida’s population is expected to increase by almost 26 million people by 2030, with South Florida leading the way. The influx of foreign-born residents along with people and businesses migrating from high-tax urban areas are playing a key role in the population growth of South Florida.

Job Market

As the 12th-largest economy in the U.S., the economic output of South Florida is about the same as Hong Kong, Israel, Colombia, and Chile. In fact, the 120 miles along Miami-Dade, Broward, and Palm Beach counties in South Florida are often thought of as Florida’s Gold Coast because of the thriving amount of international trade and domestic commerce.

Market Stats:

Broward County

  • Biggest cities: Fort Lauderdale, Pompano Beach, Hollywood 

  • Zillow Home Value Index: $290,960

  • Annual home value increase: 5.9%

  • Projected annual increase: 7.6%

  • Median listing price: $337,000

  • Median selling price: $335,000

  • Median list price per square foot: $220 per square foot

  • Days on market (median): 7689

  • Sales-to-list price ratio: 97.5%

  • Of the 40 cities in Broward County, Parkland is the most expensive with a median listing price of $749,000 and Lauderhill is the most affordable city with a median listing price of $160,000

 

Thanks for reading! We try to update often as news becomes available.  If you have any questions or if I can assist  in any way, please contact me.

Have a great week! Tim Griffin

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