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Comparing yearly real estate market statistics provides insight into real estate performance and trends. It helps identify changes in prices, inventory levels, and other key metrics, which is crucial for informed decision-making. Tracking these statistics can help homeowners, investors, and real estate professionals stay ahead and make smart choices in Palm Beach County.
December 2024
7% Yoy
22% Yoy
1,295
4% Yoy
5,637
4% Yoy
888
5% Yoy
1,032
7% Yoy
Dec 2023 - Dec 2024 41%
How long does it take to sell a home in South Florida? What is the average number of days it will take? Here is a great guide with up to date and total local facts.
How long does it take to sell a home in South Florida? What is the average number of days it will take? Here is a great guide with up to date and total local facts. DOM stands for Days On Market. Days on Market is an important statistic to follow as it measures how healthy the housing market is and can project future upturns and downturns.
The national average for how long a home for sale takes to sell has dipped from historical data nationwide for a few reasons. The first is lack of inventory. This is especially true in South Florida as land to build on is unavailable and population demand has continued to outweigh supply. The second change has been seasonality. It's true that homes take longer to sell in the off-season summer and fall months in South Florida.
How long does it take to sell a home in South Florida? What is the average number of days it will take? Here is a great guide with up to date and total local facts. DOM stands for Days On Market. Days on Market is an important statistic to follow as it measures how healthy the housing market is and can project future upturns and downturns.
The national average for how long a home for sale takes to sell has dipped from historical data nationwide for a few reasons. The first is lack of inventory. This is especially true in South Florida as land to build on is unavailable and population demand has continued to outweigh supply. The second change has been seasonality. It's true that homes take longer to sell in the off-season summer and fall months in South Florida. Snowbirds come down to Florida in mid-October or mid-November. Those car delivery trucks are our sign of the changing seasons. Seasonal Florida renters often begin their lease on January 1st on average. Here is a schedule of how seasonality practically works. So, on average expect carry time and days on market to go up during off-season, especially in the condo and zero lot line cookie cutter home markets. Therefore, if you are buying, discount those off-season months a bit if there is longer DOM. Conversely, if you are a Seller, it's going to take more time to sell and that cost to carry can hit your pocketbook. Be honest with yourself on how this affects your bottom-line. Our cost of carry worksheet makes you add up real costs like taxes, usage of money,insurance, HOA fees, and more. However, as the area has more full-time residents, this number has also gone down. Lastly, turnaround is faster overall. It takes less time to qualify for a mortgage. The average of waiting thirty days for mortgage approval is ancient lore. This has sped up the entire marketplace.
Dec 2023 - Dec 2024 5%
How Many Homes are Under Contract in South Florida Right Now? In Real Estate, Pending Sales refers to homes that are under contract but have not yet closed.
How Many Homes are Under Contract in South Florida Right Now? In Real Estate, Pending Sales refers to homes that are under contract but have not yet closed. A seller has accepted a buyer's offer. Furthermore, unlike a 'contingent' status, it normally means that all the contingencies have been worked out between the two parties, the contract has been signed, and all that's left is for the deal to move through the final stages. It is still possible for another buyer to make an offer on the property, however often the seller has signed a contract that says they can't cancel the agreement if they receive a better offer. Take a look at our helpful guide to contracts here. Pending Sales are a good indication of upcoming Closed Sales, however the amount of time it takes for a property to move from Pending to Closed can vary.
How Many Homes are Under Contract in South Florida Right Now? In Real Estate, Pending Sales refers to homes that are under contract but have not yet closed. A seller has accepted a buyer's offer. Furthermore, unlike a 'contingent' status, it normally means that all the contingencies have been worked out between the two parties, the contract has been signed, and all that's left is for the deal to move through the final stages. It is still possible for another buyer to make an offer on the property, however often the seller has signed a contract that says they can't cancel the agreement if they receive a better offer. Take a look at our helpful guide to contracts here. Pending Sales are a good indication of upcoming Closed Sales, however the amount of time it takes for a property to move from Pending to Closed can vary. Many variables can influence the Pending Sales figure, including Inventory shortages, seasonal trends, buyer demand, plus wider economic factors such as favorable financing conditions. If pending sales are rising or looking strong this can mean that buyers are in the market and deals are getting done, especially if the figure lines up with the closed sales. If the trend for pending sales is declining or flat, this can mean that the market is not so strong, and buyers can be a little more selective. You can also use our Real Estate Tips page as a great way to keep up with all the market trends.
Dec 2023 - Dec 2024 7%
Find out how many homes sold last month or last year in South Florida.
Find out how many homes sold last month or last year in South Florida. The Closed Sales figure indicates the number of properties that have gone through the entire sales process and have completed the transfer of ownership from the Seller to the Buyer. All the conditions have been met, the documents have been signed and filed, and the payment has been made and cleared. The Closed Sales figure is a great indicator for the health of the general Real Estate market and the wider Economic factors too. This figure is the one that will be most widely used when analyzing the Real Estate market, both locally and nationwide. At the end of the day, regardless of how many people are listing their homes for sale, it's the amount of properties that actually sell/close/complete that really matters.
Find out how many homes sold last month or last year in South Florida. The Closed Sales figure indicates the number of properties that have gone through the entire sales process and have completed the transfer of ownership from the Seller to the Buyer. All the conditions have been met, the documents have been signed and filed, and the payment has been made and cleared. The Closed Sales figure is a great indicator for the health of the general Real Estate market and the wider Economic factors too. This figure is the one that will be most widely used when analyzing the Real Estate market, both locally and nationwide. At the end of the day, regardless of how many people are listing their homes for sale, it's the amount of properties that actually sell/close/complete that really matters. Supply and Demand will obviously affect closed sales, as will the major economic factors such as Interest Rates, Tax, Employment etc. Closed Sales is known as a ‘lagging indicator' which means that changes come after the market conditions change. So, it's great to compare year-on-year figures rather than from one month to the next.
Dec 2023 - Dec 2024 23%
What homes are for sale in South Florida?
What Homes are For Sale in South Florida!? Active Inventory is a very important and interesting statistic to consider when it comes to buying or selling a home. Meaning Homes For Sale, or Active Listings, it's the number of properties that are marked as 'Active' and are For Sale, On The Market, right now. It's the active supply of properties that are on the market, and available for buyers to make an offer on. This really gives us a good indication of supply and demand for properties in the area. At the time of writing, nationwide inventory is very low. A healthy market should have around 2 million homes listed as Active Inventory. In 2007, there were over 4,000,000.
What Homes are For Sale in South Florida!? Active Inventory is a very important and interesting statistic to consider when it comes to buying or selling a home. Meaning Homes For Sale, or Active Listings, it's the number of properties that are marked as 'Active' and are For Sale, On The Market, right now. It's the active supply of properties that are on the market, and available for buyers to make an offer on. This really gives us a good indication of supply and demand for properties in the area. At the time of writing, nationwide inventory is very low. A healthy market should have around 2 million homes listed as Active Inventory. In 2007, there were over 4,000,000. The largest factors that can affect housing inventory are mortgage rates, Investors purchasing inventory, and fewer new construction homes being built. When there is a housing shortage, or an inventory shortage, it often takes 4-6 months to rebuild the supply to normal levels.
Dec 2023 - Dec 2024 28%
Are Homes For Sale running out in South Florida?
Are Homes For Sale running out in South Florida? Month's supply of Inventory translates to the number of months it would take for the current number of homes on the market to sell, given the current average sales conditions. Normally, 2-4 months of supply is considered average. If there's a lower number of months' supply, you'll often find that prices can and will be pushed up more rapidly. As a rule, the higher the months of inventory, the more sellers there are than buyers. Supply is higher than Demand. When Months of Inventory is higher (over 4), this is often known as a Buyer's Market.
Are Homes For Sale running out in South Florida? Month's supply of Inventory translates to the number of months it would take for the current number of homes on the market to sell, given the current average sales conditions. Normally, 2-4 months of supply is considered average. If there's a lower number of months' supply, you'll often find that prices can and will be pushed up more rapidly. As a rule, the higher the months of inventory, the more sellers there are than buyers. Supply is higher than Demand. When Months of Inventory is higher (over 4), this is often known as a Buyer's Market. Conversely, a low Months of Inventory figure (2 or lower) shows there are more buyers than sellers, and this makes it a Seller's Market. When there are plenty of homes on the market (higher inventory), buyers hold all the cards. The fewer properties for sale, the less opportunities there are for buyers, and sellers know that there will be more potential buyers for their property. Find out why Inventory, can affect your decision on whether it's time to buy.
Dec 2023 - Dec 2024 7%
How Much is My South Florida Home Worth?
How Much is My South Florida Home Worth? In Real Estate, the Median Sales Price refers to the 'middle' price of all the homes that were sold in a given time period. This means that half of the homes sold for a lower price, and half sold for a higher price. It is different to the Average Sales Price, which would take the price of all sold homes added together, then divided by the number of homes. The problem with using 'average' sales price, is that if one or two properties were sold at an incredibly high or low price, the average overall will then be skewed as a result. Therefore, it's often advised to consider the Median Sales Price as it gives a great indication of the true middle figure. When comparing this figure to historical data, you can get a comprehensive view of how the general prices of properties are rising and falling over time.
How Much is My South Florida Home Worth? In Real Estate, the Median Sales Price refers to the 'middle' price of all the homes that were sold in a given time period. This means that half of the homes sold for a lower price, and half sold for a higher price. It is different to the Average Sales Price, which would take the price of all sold homes added together, then divided by the number of homes. The problem with using 'average' sales price, is that if one or two properties were sold at an incredibly high or low price, the average overall will then be skewed as a result. Therefore, it's often advised to consider the Median Sales Price as it gives a great indication of the true middle figure. When comparing this figure to historical data, you can get a comprehensive view of how the general prices of properties are rising and falling over time. Looking closely at the Median Sales Price helps buyers to know how much they should roughly be spending and helps Sellers to decide on the perfect listing price for their property. Take a look at our Seller's Guide for more helpful info.
Dec 2023 - Dec 2024 22%
How Hot is the Florida Real Estate Market? Let's face it, Florida has it all!
How Hot is the Florida Real Estate Market? Let's face it, Florida has it all! Whatever type of community you're looking for, you can find it here. Pickleball, Boating, Country Club, or Equestrian...Florida has a home for you whatever you're into. And how do we judge how the market is doing overall? The Dollar Volume figure refers to the total of the sales prices of all sold homes which closed that month in a particular area. When comparing this figure to historical statistics, it can be important to take into account factors such as inflation, which obviously will have a large impact of this figure. Dollar Volume is a great measure of general Real Estate market activity, as it represents the total amount of money that's being moved around at any particular time and shows a big picture view of the market itself.
How Hot is the Florida Real Estate Market? Let's face it, Florida has it all! Whatever type of community you're looking for, you can find it here. Pickleball, Boating, Country Club, or Equestrian...Florida has a home for you whatever you're into. And how do we judge how the market is doing overall? The Dollar Volume figure refers to the total of the sales prices of all sold homes which closed that month in a particular area. When comparing this figure to historical statistics, it can be important to take into account factors such as inflation, which obviously will have a large impact of this figure. Dollar Volume is a great measure of general Real Estate market activity, as it represents the total amount of money that's being moved around at any particular time and shows a big picture view of the market itself. If the figure is larger, it shows that either more deals are being done, or the deals themselves or more expensive, or both. When Dollar Volume is low, transactions have stalled often due to low demand, low supply, or perhaps mortgages are difficult to access, or the wider economic world is in crisis. Large changes to the Dollar Volume amount can also show properties that have sold for exceptionally high or low prices.
Jan 2024 - Jan 2025 4%
Mortgage rates will directly impact the Housing Market and are an important factor to consider when both buying and selling.
Mortgage rates will directly impact the Housing Market and are an important factor to consider when both buying and selling. Interest rates determine how much money you will have to pay to borrow money for your mortgage. Normally, when interest rates are high or increasing, the housing market will slow down and less transactions will take place. With interest rates going up, the cost of owning a home will become more expensive because of the higher monthly outgoings. Low interest rates mean that the cost of buying a property is cheaper, which increases demand. This increase in demand, will then lead to an increase in property prices. Conversely, high interest rates will often bring property prices down, or at least slow the increase. There are many factors that contribute to the mortgage rate – primarily the state of the economy and the government's current financial policies.
Mortgage rates will directly impact the Housing Market and are an important factor to consider when both buying and selling. Interest rates determine how much money you will have to pay to borrow money for your mortgage. Normally, when interest rates are high or increasing, the housing market will slow down and less transactions will take place. With interest rates going up, the cost of owning a home will become more expensive because of the higher monthly outgoings. Low interest rates mean that the cost of buying a property is cheaper, which increases demand. This increase in demand, will then lead to an increase in property prices. Conversely, high interest rates will often bring property prices down, or at least slow the increase. There are many factors that contribute to the mortgage rate – primarily the state of the economy and the government's current financial policies. Higher inflations means that central banks will raise interest rates. When buying a home, you will consider many costs, and the interest you pay on the mortgage will likely be one of them. If you are selling your home, this affects you BECAUSE it affects the buyer. If interest rates are high, a buyer now has less money to spend on the property itself.
2021 - 2022 1%
South Florida population growth is unlike any in the United States and has been since air conditioning was invented.
South Florida population growth is unlike any in the United States and has been since air conditioning was invented. Look back at 1980 and then compare to today in Palm Beach County for example. The population has nearly tripled! The pioneer phase of the prime spots in Palm Beach County is now over. Endless land and endless new developments are a thing of the past. Growth will now have to come from western Palm Beach County where land is available or up north into St. Lucie County and Martin Counties. Despite this, population density will get even hotter. There are a few reasons for this. First, there are now three times as many relative or work connections as reasons to move here. Relatives and friends drawing from the people who moved here means more exponential growth. Second, Palm Beach County has more to offer.
South Florida population growth is unlike any in the United States and has been since air conditioning was invented. Look back at 1980 and then compare to today in Palm Beach County for example. The population has nearly tripled! The pioneer phase of the prime spots in Palm Beach County is now over. Endless land and endless new developments are a thing of the past. Growth will now have to come from western Palm Beach County where land is available or up north into St. Lucie County and Martin Counties. Despite this, population density will get even hotter. There are a few reasons for this. First, there are now three times as many relative or work connections as reasons to move here. Relatives and friends drawing from the people who moved here means more exponential growth. Second, Palm Beach County has more to offer. There are more restaurants, golf opportunities. cultural experiences, shopping, schools, and more. Third is more businesses such as the financial players moving to the area who are bringing in wealthier buyers. That along with 0% income taxes is why projected growth (demand) will outweigh supply (will stay stagnant). South Florida is just one of those unique spots like Aspen or Park City that should continue to see fantastic long-term growth and along with it a spike in long term pricing compared to Northern colder environments with heavier tax burdens.
Echo Fine Properties, winner of Best Brokerage of the Palm Beaches in 2020, 2021 and 2022, is located in Palm Beach Gardens, Florida. We are a family-owned local brokerage that prides itself on having the finest full time luxury real estate agents who know the area backward and forward. Each agent is hand selected to join us for their knowledge of the area including golf club communities, gated communities, equestrian and ranch estates, condominiums, and waterfront and boating estates. Echo is unique in real estate in that our company pays for all marketing, advertising, and all support which is handled in-house. WE PAY, which lets the agent concentrate on our customers. Unlike other firms, agents never have to compromise the marketing budget. Our Home ECHOnomics Guarantee offers an unheard of 57-promises. This website consists of 5 separate MLS feeds, giving 100% accuracy ranging from Miami to Fort Lauderdale to Palm Beach to Martin County.
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