South Florida February 2022 Events! 

The Super Bowl is set! The Los Angeles Rams and the Cincinnati Bengals will play for the NFL championship on February 13th.  
Valentines Day 💕 - February 14th 
Las Olas Food & Wine Festival -  February 16th
Elton John at the Hard Rock - February 27th
South Florida February 2022  Real Estate News!
 
Back to South Florida Real Estate News!  Currently, for February 2022 we have strong Buyer demand and a sparse housing supply. The unexpected speed of Buyers purchasing homes arose in December and January as South Florida properties left the market as soon as they arrived. There has been no extra amount of inventory spillage with this limited inventory.

This past year of 2021 and present year of 2022 is not the usual for real estate housing. The inventory imbalance of low supply mixed with high demand and the Covid -19 pandemic lockdown have contributed to this circumstance. We now have remote employees who can work from any location and are trading in their northern homes for the sunshine state. 

Home value appreciation has accelerated 19% since last year
Inventory is down 40% from Pre-Covid Levels
Rents are up 16% from last year
The 30 -year fixed rate mortgage averaged 3.55% this week, Freddie Mac reports.
The mortgage loan limit for conventional financing is $647,200 for a one-unit property.
As we begin the month of February, the Spring shopping season approaches and interest rates are low. The market is going to be moving quickly. If you are a buyer in need of a mortgage, do not start the house hunting process first and then get approved for financing. By the time you have given all of your paperwork, you will have missed that beautiful home to another buyer. There was a time when a real estate buyer would shop and tour approximately 30 homes. With the restricted amount of inventory, there are very few homes to explore. You may only see 3 to 5 homes. Please be prepared. 

Broward County Market Report December 2021!

Market Report for Broward County and Palm Beach County  

Year End Market Stats for 2021

 

Broward County 

Broward County - Single Family Homes Closed Sales Up 15.8% - 18,565

Broward County - Single Family Homes Median Price Up 17.5% to $470,000.00

Broward County - Condo/Townhome Price Increased 15.1% to $217,500

Broward County - Months Supply of Inventory Down 47.6% to

 1.1 Months with Single Family Homes - 1.7 Months of Condos/Townhomes

Broward County - Total Homes Sales Increased 28.4% 

from 31,476 Year end 2020 to 40,423 Year End 2021

Broward County -  Single Family Homes Sales Increased 15.8%

from 16,035 Year end 2020  to 18,565 Year End 2021

Broward County - Condo/Townhome Transactions Increased 41.6%

from 15,441 Year End 2020 to 21,858 Year End 2021

Broward County Single Family Dollar Volume Increased 46% 

from 8.5 Billion Year End 2020 to $12.4 Billion Year End 2021

Broward County - Condos/Townhomes Dollar Volume Increased 69.5%

form 3.8 Billion Year End 2020 to $6.5 Billion Year End 2021

Broward County Total Active Listings Decreased 52.6%

 from 9,997 Year End 2020 to 4741 Year End 2021

Broward County - Short Sales and REO's Closed Sales - 1.1% of all Closed Sales

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Palm Beach County 

Palm Beach County - Single Family Homes Closed Sales Up 7.3% - 19,475

Palm Beach County - Single Family Homes Median Price Up 22% to $475,000.00

Palm Beach County - Condo/Townhome Median Price is Up 17.1% to $240,000.00

Palm Beach County - Single Family Homes Months Supply of Inventory Down 52.2% to 1.1 Months 

Palm Beach County - Condo/Townhome Inventory is 1.2 Months

Palm Beach County Total Homes Sales Increased 18.8 % 

from 31,521 Year End 2020 to 37,447 Year End 2021

Palm Beach County - Single Family Home Sales Increased 7.3%

from 18,174 Year End 2020 to 19,495 Year End 2021

Palm Beach County - Condo/Townhomes Transactions Increased 34.5% 

from13,347 Year End 2020 to 17,952 Year End 2021

Palm Beach County - Condos/Townhomes 3.7 Months of Inventory Supply

Palm Beach County - Single Family Dollar Volume Increased 45.5%

 from 12.4 Billion Year End 2020 to $18.1 Billion Year End 2021

Palm Beach County - Condo/Townhome Dollar Volume Increased 62.9%

from $4.5 Billion Year End 2020 to $7.3 Billion Year End 2021

Palm Beach County - Total Active Listings Decreased 58.6% 

from 8,691 Year End 2020 to 3,597 Year End 2021

Palm Beach County - Short Sales and REO's Closed Sales - 0.9% of all Closed Sales