Market Update: South Florida
Single-family homes have seen a rise in demand over the last year in Southern Florida, especially throughout the luxury real estate sector.
According to the latest statistics provided by Fred DeFalco, premier luxury property specialist based in Boca Raton, prices of luxury homes throughout Southern Florida have increased by an average of 11.7%.
“In Palm Beach county, the number of luxury single-family homes (defined as those priced at $1 million and up) that changed hands in the third quarter soared 82.9% from the same time last year.”
Inventory levels for single-family homes have dropped a total of 20% since last year. Where December to February 2020 listing inventory was at 55,231. This past December to February 2021 only 45,244 units were recorded on market. In turn, Days on market have also declined to an average of 75 days, compared to last year’s average of 83 days on market.
“South Florida’s luxury real estate market has only gotten stronger since the coronavirus pandemic. With a great stock market and low interest rates and many wealthy individuals frustrated with tax structures and policies of large cities, is making South Florida SHINE MORE THAN EVER! South FL is seeing many business and company relocations coming to the area.” – Fred DeFalco, eXp Realty.
According to the report, the majority of buyers are coming from throughout the United States, as well as locally. There is also continued demand shown by international buyers. “Our local economy, with the high demand for the state of FL, the long-term look is very positive,” says DeFalco.