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Market Update: South Florida

March 8, 2021 Luxury Real Estate Market Report

Southern Florida’s single-family homes have seen a rise in demand over the last year, especially in the luxury sector. 

According to the latest statistics provided by Fred DeFalco, real estate agent in Jupiter, 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 on market. In turn Days on market has 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/ company relocations coming to the area.” – Fred DeFalco, eXp Realty.

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 the report.

“Though The greatest challenge is product availability.  However, the creative luxury broker knows how to develop off market opportunities for incoming buyers.”

 

Market Insights Provided by LH Affiliate:
Fred DeFalco, eXp Realty

 

 

Sources:
Fred DeFalco, eXp Realty

Images:
1768 Tudor Road – Fred DeFalco