South Florida Housing Market Update - [July 2021]

Hey, it's Andy with the Mandel Team at ReMax, I'm here bring you your July 2021 housing market update. As always, for the purposes of these videos, we're gonna be talking about single family homes only, in Boca, Parkland and Coral Springs. We're not talking about any country clubs, no condos, no 55 and overs. Just single family in those areas. Those are the areas that our team does the predominant amount of our business.

The first stat we like to look at, is the number of new listings hitting the market. On average, that's down 9%, but that's a little bit misleading, because it varies city by city. In Boca, the new listings in June of 2021, compared to June of 2020, are down 22%. So we're seeing fewer listings hitting the market in Boca. It's almost even down 4% in Parkland. But it's actually up 20% in Coral Springs. So it looks like the sellers in Coral Springs are trying to take advantage of the rapid increase in home prices, and we are seeing more homes hit the market in Coral Springs. At the same time, we're seeing fewer homes go pending in Boca. So Boca, the number of pending sales is down 19%. Parkland, it is dead even compared to last year. So we're seeing fewer homes hit the market in Parkland, but the same number of sales, so they're selling quickly. And in Coral Springs, actually the number of sales went down. So my thinking is that, that is a lot of first time buyers, the people who would naturally be buying in Coral Springs, slowing their purchases there, because the prices have sky rocketed so fast in Coral Springs. But, they're still selling really quickly. So the median days on market, is only 9 days. So homes are still selling in just a matter of days. Again, I think that's somewhat misleading, because the good listings, I know our listings, they're all selling in literally one to two days. We do the open house, we get a ton of people through, and we're getting multiple offers, selling these properties in literally 24 to 48 hours. So that's pretty much the norm for all of these cities still. The homes are selling quicker.

Second stat we like to look at, is the closed price to list price. What percentage of the asking price are sellers getting? We are averaging 100.4 with the average in Coral Springs being 101.2. So there really are no discounts, no real great deals in the market right now. Sellers are still driving the market, they're still getting basically whatever they want as far as their asking price.

The last stat we like to look at, is the number of months supply of inventory. So this is one to be on the lookout for going forward, as a lot of people are predicting that there's gonna be slightly more homes hit the market in the second half of this year. We are still, in all of these cities, at basically just over one month of inventory. So there's really not much has changed there. Maybe you're seeing more homes hit the market in certain areas, but they're selling just as quickly as they hit the market, so we're just over a month of inventory in all of these cities. A balanced market is where we have six months of inventory. So at one month, we're still basically at historic lows in inventory. In Coral Springs specifically, we're at 0.85 months in inventory. So we've been less than one month of inventory in Coral Springs for the last six, seven months now. It's really really slim pickings there. Even though we're starting to see an uptick, they're selling just as quickly, so it's very difficult for buyers right now.

Let's talk about what this means. Well, if you're looking for slightly more homes, Coral Springs is tending to see right now, more homes compared to last year. So I would be looking there for new inventory. What we are predicting going forward, is that there's gonna be slightly more homes hit the market, but it's not gonna really do much as far as pricing goes, because buyer demand is still so strong. I can speak personally as far as our listings, back in March, we were getting between 15 and 25 offers on any one of our listings. Now we're gettin' between five and eight. So a lot of buyers are getting buyer fatigue, they don't wanna deal with what's going on in the market. They don't wanna compete. And a lot of them have dropped out. But we are still getting multiple offers, there's nothing realistically that you can't do with five offers that you weren't doing with 21. It's still obviously driving the price up. So sellers, you are still in the driver seat. But, we're not all sure how long that's gonna change, as buyers get buyer fatigue and they back out, we're already seeing fewer offers. So if you're thinking about selling, we know what the market's doing right now. It is still an excellent time to be a seller. I would highly consider reaching out to us.

Let's find out what your home could sell for in this crazy, crazy market. While the market is still super crazy. Buyers, what does this mean for you? Well, as we continue to wait through the year, it might get slightly easier for you as a buyer, to buy the property. I don't think prices are falling, the sky isn't falling, the market isn't crashing, but if there's slightly less competition, you might not have to do some of the things that buyers were doing three, four, five months ago. Waiving appraisals, paying over a list price, waiving inspections, doing all sorts of crazy stuff. If it gets slightly less competitive, you might not have to do that to get your offer accepted, but you do have to know that those offers are still coming in, multiple offers on every property. It's still going to be a seller's market.Hopefully just makes it a little easier for buyers.

So that's our take, that's our market update. If you have any questions on how this impacts you, give us a call, shoot us a text, and send us an email. You can even send a smoke signal or carrier pigeon. However you wanna communicate, we got your back, on moving to South Florida. And make sure you like us on Facebook, follow us on Instagram, and subscribe to our YouTube page.