South Florida Real Estate Market Report
How's the South Florida real estate market?
Reflection... Looking back and looking ahead
After wrapping up a year to remember in 2020, Compass is proud to share our first Florida market report of the year, showcasing data from Q1 for South Florida, North Florida, Southwest Florida, Central Florida, and the Greater Tampa Bay. While not all facets of life have returned to prepandemic norms, especially as it relates to the international travel that injects additional movement in the housing market, real estate nationwide has benefited from signs of recovery including an increase in consumer expenditure, vaccination distribution, a decrease in unemployment from 14.7% to 6% (BLS.GOV), and an acceleration of the improving overall economy.
A popular destination for second-home buyers, Florida continues to see a steady influx of new residents due to income-tax benefits, great weather, and a wide selection of cities and homes across all price points. While 330,000 residents moved to Florida between April of 2020 and April of 2021, the Office of Economic and Demographic Research anticipates at least 845 new residents a day until 2025, showing that the appeal for Florida is not going anywhere anytime soon (EDR.STATE.FL.US). This overall appeal and demand along with low interest rates has contributed to continued strength in the market with many metropolitan areas continuing to break records with low inventory, notable sales, and a continued uptick in pending and closed. Months of inventory has fallen anywhere from 59% to a staggering 381% across the state, while the median list price continues to rise. Notable neighborhoods like Singer Island in Palm Beach County saw a median increase of 269.3% for single-family homes while Miami-Dade saw list prices rising from $1.289M to $1.425M.
It is our hope the information within this report will help you stay informed of current market conditions as you prepare for buying or selling. When you are ready, one of our expert real estate advisors would be more than happy to connect with you to dive deeper into the market trends and discuss your unique needs and goals.
Compass Real Estate Agents Market Survey
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.
Source: Compass FL Agent Survey (April, 2021)
Palm Beach County Real Estate Market
The first quarter of 2021 proved to be another record-shattering period for Palm Beach County. Record low inventory combined with heavily increased demand from buyers, both local and out-of-state, created a highly competitive environment for single-family homes and condos alike. Sales continue to shatter records over the previous year, proving that interest in the Sunshine State and Palm Beach County has yet to subside. Once a rarity, bidding wars and record sales over asking price were commonplace, giving sellers leverage over the heavy influx of buyers who continue to be drawn to Palm Beach’s rarified lifestyle. The overall single-family home market continues to favor sellers, as we saw a 23% increase in sales over last year. Demand continued to outpace availability and current inventory is down 73% year over year, meaning buyers who’ve waited will find a highly competitive market with limited options. Homes under contract soared 96% higher than last year. The condo market saw the biggest increase in demand, with a 152% increase in listings under contract over the previous year. Sales increased 39% year over year and availability decreased 51%, reflecting increased demand and a consistent shortage of available properties. This has been a highly competitive buying environment for single-family homes. The luxury market continues to show that strong attraction to Palm Beach County is not slowing. Should you find yourself looking to sell in the luxury sector, you’ll find no shortage of local and out-of-state buyers from states like New York, Chicago, California and more.
Luxury Home Sales
Single-family home sales over $1M shot up 115%+ year over year, with a record-shattering 317% increase in pending sales compared to last year, while current inventory has dropped 56% year over year. In the luxury condo market over $1M, sales soared over 98% from this time last year and pending sales were up over 461%! It’s clear that the luxury condo market will continue to dominate as a viable alternative to highly sought-after single-family homes.
Boca Raton Real Estate Market
The Boca Raton real estate market was also incredibly healthy and robust with record-breaking sales prices, low inventory, and very few days on the market. Boca Raton's single-family home inventory was down over 61.6% from the 1st quarter of 2020. This year we've seen a reduction in Boca Raton condos and townhomes for sale as well, with a 25.6% decrease in inventory year-over-year. This is a drastic change from the 4th quarter's market report where inventory remained steady at the end of 2020. The average price per square foot in Boca Raton single-family homes increased by over 34.1% to $350/square foot from the same quarter last year. The lack of supply and high demand for Boca Raton homes for sale led to a 43.2% increase in the median list price which equated to $1,100,000. Boca Raton's real estate market remains as of now a strong seller's market.
Boynton Beach Real Estate Market
The Boynton Beach real estate market was also incredibly healthy and robust with record-breaking sales prices, low inventory, and very few days on the market. The single-family home inventory was down over 63% from the 1st quarter of 2020, while condo and townhouse inventory remained fairly steady year-over-year with only a 7.7% decrease in Boynton Beach condos and townhomes for sale. The average price per square foot in Boynton Beach homes increased by over 14% to $210/square foot from the same quarter last year. The lack of supply and high demand for Boynton Beach homes for sale led to a 6% increase in the median list price which equated to $406,000. Boynton Beach's real estate market remains as of now a strong seller's market.
Delray Beach Real Estate Market
The Delray Beach real estate market in the first quarter of 2021 was also incredibly competitive and robust with record-breaking sales prices, low inventory, and even fewer days on the market. Delray Beach's single-family home inventory was down over 63.6% from the 1st quarter of 2020, and condominium and townhouse inventory in Delray Beach also decreased by 35.9% from the 1st quarter of last year, with just 592 Delray Beach condos and townhomes for sale. The average price per square foot in Delray Beach single-family homes increased by over 34.5% to $351/square foot from the same quarter last year. The lack of supply and high demand for Delray Beach single-family homes led to a 35.3% increase in the median list price which equated to $1,000,000. Delray Beach's real estate market remains a strong seller's market.
Highland Beach Real Estate Market
The Highland Beach real estate market was also incredibly healthy and robust with record-breaking sales prices, low inventory, and very few days on the market. The single-family home inventory was down over 35.3% from the 1st quarter of 2020, and condominium and townhome inventory also took a large dip, down 42.7% from last year at this time with only 86 Highland Beach condos and townhomes for sale. The average price per square foot in Highland Beach single-family homes increased by over 28.5% to $1,000/square foot from the same quarter last year. The lack of supply and high demand for Highland Beach single-family homes led to an incredible 176.9% increase in the median list price, which equated to $10,800,000. Highland Beach's real estate market remains as of now a strong seller's market.
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 Q1-2021, 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.