South Florida Real Estate Market Report
How's the South Florida real estate market?
Reflection... Looking back and looking ahead
To sum up Florida’s real estate market for the first half of 2021, one word comes to mind: unexpected. Florida has long enjoyed an influx of residents migrating from across the country, and around the world, to call the Sunshine State home. With remote work becoming a permanent option, over 900 people per day are moving to Florida, according to the Palm Beach County Business Development Board. Reasons for this explosive growth in Florida can point to fair weather, a business-friendly climate, and the lack of state income and estate tax.
Low-interest rates continue to fuel affordability and drive high absorption rates for housing. Many listing services reveal less than a month’s supply of inventory is available across a wide range of prices. With increased purchase power for home buyers, along with Florida’s affordability compared to other nationwide markets, demand continues to outpace supply. Many existing homeowners are sitting on the sidelines, reluctant to sell due to the competitive bidding process for purchase. Millennials continue to dominate the home buyers’ market, according to the 2021 National Association of Realtors Trends Report.
Challenges with supply chain for building materials and domestic appliances, combined with labor issues during the pandemic, are beginning to resolve. This creates opportunities for both homebuilders and consumers seeking to purchase new construction. Florida contains many new frontiers for building homes. The ability to establish communities where land is affordable offers accessibility for buyers, many making purchase offers with cash in hand. For an industry that has been underbuilding since the 2008 financial crisis, residential home construction increased dramatically during the first half of 2021, a trend that should continue into the coming months.
The importance of second-home markets and vacation rentals cannot be underestimated. Short term rental property has become a new asset class, with many real estate investment trusts and investment groups rapidly acquiring them. Tremendous pent-up demand for real estate exists in the international community, likely starting with our northern neighbors in Canada as travel restrictions ease. This will place added strain on a market already oversaturated with buyers, adding pressure on pricing that already exists in most segments of the market.
Florida’s extensive geographic size and diverse population make it difficult to summarize without separating into regions. Densely populated South Florida (Miami-Dade, Broward, and Palm Beach counties) has seen huge increases in both median home price and single-family home sales. Demand for condos has steadily risen, as many are either priced out of single-family homes or choose a more maintenance-free lifestyle. Central Florida, Southwest Florida, and Tampa Bay have long been more affordable regions yet currently are experiencing all-time low inventory with higher median prices. Northeast Florida and the Panhandle, also historically affordable, are seeing skyrocketing prices and demand with low supply. Compass Real Estate Agents Market Survey
We hope this report provides valuable information to navigate the unexpected turns of the market. When you are ready, connect with one of our expert real estate advisors to dive deeper into these trends to understand how to meet your unique goals.
At Compass, our agents are trusted advisors, helping everyone from the first-time buyer to the seasoned seller make better, more informed decisions. This quarter we turned to these local experts to learn about what they’re seeing in the market - from the urgency of buyers and sellers to, trends around where buyers are coming from and what home features they are looking for. We turned to our expert South Florida Realtors to see what trends they have been seeing, from the average number of offers received on their last listing to their typical clients’ wishes and urgency. When you’re ready to buy or sell, they will help you find not just a home, but the perfect cornerstone of your life.
Palm Beach County Real Estate Market
Made up of 39 vibrant and welcoming communities, including Boca Raton, Jupiter and West Palm Beach, Palm Beach County provides residents with world class experiences and small-town comforts. With 47 miles of pristine coastline to enjoy, there’s a beach for everyone in Palm Beach County
More information about South Florida Real Estate
For more information about South Florida real estate, please visit https://www.pearlantonacci.com which is offers updated information on Boca Raton, Delray Beach, Boynton Beach, and Highland Beach real estate listings, community information, and much more. To read the entire market report for Q2-2021, click here and view market data for the entire State of Florida as well as some of our Featured Listings.
About The Pearl Antonacci Group
The Pearl Antonacci Group is a top-producing South Florida real estate team, that specializes in luxury, waterfront homes from Hillsboro Beach to Manalapan. With over 50 years of combined professional experience and hundreds of successful transactions, Brian Pearl and Vini Antonacci have been recognized as consistent leaders in the real estate industry, both locally and nationally. The team sells in excess of $30 million annually with lifetime sales of more than 1/2 billion dollars, ranking them in the top half of the top one-percent of Realtors nationwide. Together with Vini’s years of experience and Brian’s business acumen, they offer the best of both worlds to their clients. The Pearl Antonacci Group utilizes superior marketing materials for both print and online advertising, such as professional photography, state-of-the-art HD videos and virtual tours. The Pearl Antonacci Group understands that your home is your most important asset. With their unparalleled experience and level of service, they are committed to their clients and turning their dreams into reality. If you are buying or selling real estate in South Florida, contact The Pearl Antonacci Group today and let them show you HOME. Click here to learn more about the team and their agents.
About Compass Real Estate
Founded in 2012, Compass pairs best-in-class agents with cutting-edge technology and unparalleled marketing, becoming the country’s largest independent brokerage in six years. This innovative approach has secured $15 billion in capital from some of the world’s most prominent investors, including SoftBank, Fidelity, and Ken Chenault, CEO of American Express, allowing for the development of transformative tools and recruitment of top talent across every discipline to build a once-in-a-generation company. Compass takes a tech-driven, personalized approach to real estate by combining a collaborative agent community, in-house marketing strategy and design, and the industry’s most tenured leadership team.