South Florida Home Prices on the Rise
With the impact that COVID-19 had the housing market, it left all of us worried about the future and what it entails. The market has been on the rise recently, and has definitely proven this in the month of May! All of the median home prices in South Florida took a significant increase, but we are happy to see that Palm Beach County increased by 30.1%, making the overall median price $475,000. Broward County and St. Lucie county came behind us at 24.5% and 26.4%, respectively.
As the prices of the homes went up, so did the amount of closed sales. We took the lead in South Florida once again with 1,890 closed sales in the month of May! Broward county was behind us with 1,634 and St. Lucie county was behind them with 656 in May. These numbers are very promising to the housing market, as it seems that we are coming out of the woods from the regression that we have been in.
As for the supply of inventory that each county has, we are still leading with 1.8 months. This number is a great starting point for us to begin to work off of so that we can get it to a more comfortable number. Broward County is at 1.4 and St. Lucie County is at 1.5 months of inventory. These numbers are starting to get to the point that they were a year ago, so we are definitely excited to see how they will improve over the next few months!
Make sure you stay posted on our Social Media accounts and website to stay up to date on all things South FLorida housing market, as well as our listings!