Housing: How High Will It Go?
With dozens of headlines in major news sources explaining how the housing market is setting new records every month, what more can be said? In over 25 years of working in this industry, we have never experienced this level of volatility. Just a few months ago, single-family home sales in the state of Florida were down more than 20% (year-over-year). This past month the number of sale transactions were up by 22% and the overall dollar volume increased by 50% (year-over-year); a staggering change from earlier in the year.
Nationwide, sale transactions rose by more than 20% (year-over-year) and home prices across most markets and most price points are also up considerably, marking 103 straight months of year-over-year price gains.
We are constantly being asked, “How high will it go?”. That’s a tough question to answer but at the current pace of sales, there is less than a three-months supply of homes on the market for sale, so unless we see additional inventory, 2021 could get even more volatile with respect to supply / demand equilibrium.
If you have clients, colleagues or friends considering selling, now may just be the perfect time to do so.
NATIONWIDE: Existing Home Sales (which include single-family homes, townhomes, condominiums and co-ops) rose 20.9% year-over-year during the month of September. Median existing-home prices across all housing types increased by 14.8% to $311,800.
FLORIDA: The market in the state of Florida continues to be one of the strongest across the nation. The number of single-family home sale transactions increased by 22% year-over-year with the media sale price up by 13.2% to $300,000 with exceedingly low inventory levels. Currently there is a 2.2 month supply of inventory based on the current pace of sales.
PALM BEACH COUNTY: Palm Beach County experienced another strong month of single-family sale transactions with the number of closed sales increasing by more than 28% year-over-year. The median single-family home price was up 12.7% to $400,000 with inventory levels below three months of supply.
Other September Highlights for Palm Beach Area Municipalities
- Single-family sale transactions in Boca Raton surpassed $1.5 billion year-to-date, up 10.9% from 2019.
- The average single-family sale price in the Town of Jupiter is $1,055,785, up 25.4% from September 2019.
- Year-to-date single-family sales volume in North Palm Beach is up 85.2% to approximately $250,000,000.
- There have been approximately $1.2 billion in residential sale transactions in Palm Beach year-to-date.
- The average single-family sale price in Palm Beach Gardens is $1,011,883, up 51.9% from September 2019.
- September single-family sales volume in West Palm Beach was $86,050,809, up 72.3%.
Other notable stats for the month of September:
- Median Sale Price: $399,000 (up 12.4%)
- Average Sale Price: $650,286 (up 27%)
- New Pending Sales: 1,826 (up 20%)
- Active Inventory: 4,227 (down 31.9%)
About Quantum Realty Advisors, Inc.
Our firm differs from “traditional” real estate companies as we specialize in working not only with individuals and families but with professional advisors including attorneys, accountants, investment managers, trust officers and financial institutions to assist their clients with all their real estate needs.
The top three reasons to work with Chris and Amy are:
- HONESTY, INTEGRITY AND TRUST. In the last 10 years, more than 80% of our business comes from referrals or repeat clients showing that we develop trustworthy relationships with our clients.
- EXPERIENCE. Having successfully closed more than 2,000 real estate transactions, we know what it takes to get the job done properly, and in a timely manner.
- WE GET MAXIMUM VALUE FOR OUR CLIENTS. While most real estate professionals say they get the best price for their clients, there is little that can prove that claim. However, based on a study of home sales from 2012 to 2019 where an independent appraisal was conducted in advance, Chris & Amy achieved an average of 104.5% of value on more than 350 residential sales.
Contact us at 561.584.8555 or via email at firstname.lastname@example.org.
Luxury & Residential Home Sales
Inherited Property and Probate Real Estate
Corporate and Business Real Estate
Commercial Valuation & Advisory Services