South Florida Real Estate Market Report - Q3 2021
Posted by Brian Pearl on Friday, November 19th, 2021 at 7:38pm
South Florida 3rd Quarter Real Estate Market Report
How's the South Florida real estate market?
The Recipe for our 3rd Quarter 2021 Florida Housing Market
Here’s the Recipe for Our 3rd Quarter 2021 Florida Housing Market: Take one large housing-supply shortage; add a global pandemic, economic shutdown, and supply chain shortages; mix in rapid population growth, and you will yield today’s residential real estate market.
At a national level, we’re seeing record gaps in housing supply and demand. The US Census reveals 12.3 million households were established between January 2012 and June 2021. Compare this to the 7 million new single-family homes constructed during that time.
Florida Realtors reports a robust pace and high absorption rate in the Q3 market. This has resulted in higher median prices, an increase of new listings, and a rise in all-cash sales. These trends are predicted to continue into Q4 and onward to 2022.
Floridians anxiously await the return of our northern neighbors. “Snowbirds” will arrive in seasonal mass migration, due to relaxed travel restrictions contingent upon vaccination status. International travelers may set their sights on the Sunshine State. Many have funds ready to invest in real estate. They will quickly learn the lack of single-family home inventory has created a condominium buying frenzy in many areas.
Speaking of buyers, millennials are no longer the generation of renters. Now in their 30s and early 40s, this generation adds fuel to the buyer’s fire, as they inundate entry-level inventory and compete with all-cash investors.
New-home construction could save the low housing supply woes. The reality is severe labor shortages, coupled with supply chain disruptions, make material costs unstable and expensive. With elevated land prices, it’s nearly impossible to produce affordable new homes. Despite the challenges, builders seem to hold power in today’s market. Business Insider said it best: “It’s not a buyer’s or a seller’s market in housing: it’s a builder’s market.”
The positive factors of residential real estate remain consistent from last quarter. Accessibility and affordability lead the way due to low mortgage interest rates. Supply and demand trends keep the thought of a looming “housing bubble” at bay.
Florida is a microcosm of US trends, continuously in the top ten fastest-growing states. The economic outlook of Florida remains strong, with unemployment below the national average. Tourism has almost returned to 2019 pre-pandemic levels. A fair climate, affordability, and eased restrictions continue to attract visitors.
Navigating South Florida’s current housing market requires both skill and strategy. If you’re in the market to buy or sell, partnering with a seasoned agent has exponential benefits. Visit pearlantonacci.com to get started.
Palm Beach County Real Estate Market
Made up of 39 vibrant and welcoming communities, including Boca Raton, Delray Beach, Highland Beach, Boynton Beach, 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 Q3-2021, 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.
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