Market Report: Southeast Florida, July 2020

Monthly Indicators –
SOUTHEAST FLORIDA –
July 2020 –

Data courtesy of floridarealtors.org

Beaches MLS Service Area:
Broward | Palm Beaches | St Lucie

Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.

New Listings decreased 0.7 percent for Single Family homes but increased 13.9 percent for Townhouse/Condo homes. Pending Sales increased 16.1 percent for Single Family homes and 4.5 percent for Townhouse/Condo homes. Inventory decreased 35.1 percent for Single Family homes and 1.6 percent for Townhouse/Condo homes.

Median Sales Price increased 8.5 percent to $385,000 for Single Family homes and 12.4 percent to $200,000 for Townhouse/Condo homes. Median Time to Contract decreased 8.6 percent for Single Family homes but increased 9.8 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 33.3 percent for Single Family homes but increased 7.8 percent for Townhouse/Condo homes.

While the number of unemployment insurance weekly initial claims have been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates remaining near record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market.

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Jupiter Dream Life
Heather E Towe, PA
Assistant Broker, REALTOR®, CRS®, CLHMS®, e-PRO®, PSA®

Real Estate Services
Residential real estate representation in Palm Beach County and surrounding areas.

(561) 247-4474
hello@jupiterdreamlife.com

Licensed to sell real estate in Florida
Paradise Real Estate International