The Red Hot Housing Market
Existing home sales NATIONWIDE (which include single-family homes, townhomes, condominiums and co-ops) rose 10.5% year-over-year during the month of August. Median existing-home prices across all housing types increased by 11.4% to $310,600, marking 102 straight months of year-over-year gains.
According to Lawrence Yun who is the chief economist for the National Association of Realtors, “Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market”. He continues “Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.”
During the month of August, the SOUTH FLORIDA (Palm Beach, Broward and Miami-Dade counties) housing market was nothing short of spectacular. The number of single-family home sale transactions increased by 16.3% year-over-year with total dollar volume increasing by more than 52% to $3.1 billion.
The median single-family home sale price rose by 13% to $411,500 with the average sale price increasing by 30.9% to $638,507.
PALM BEACH COUNTY experienced another strong month of single-family sale transactions in August with the number of closed sales increasing by more than 15% year-over-year. Overall dollar volume of single-family sales that occurred during the month increased by 47.1% (year-over-year) to $1.2 billion. This was largely due to sales of $1 million or more increasing by 70.6%.
While the year-to-date number of closed sales are down by 6.5%, year-to-date dollar volume is up by 9.6% as compared with the same period in 2019 (even considering the 30% and 41% down months in April and May due to COVID).
Other notable stats for the month of August:
- 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.
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