Some are calling June 2021 the perfect trifecta for the housing market. The month of June is typically the strongest month of the year for home sales and this year was no different. A recent report tracking 53 metro areas across the country indicated strong growth in all areas. In fact, homes sales in June soared by 14.2% over a strong month in May. In addition, the median sales price of $336,000 also set a record. Lastly, the inventory of homes for sale also grew by 1.9% over the month of May. While inventory levels are still dramatically low, it is at least an encouraging sign. Unfortunately, inventory is still 37.5% below June 2020 levels.
Market highlights
- Closed sales: The overall average number of home sales is up 14.2% compared to May 2021, and up 26.4% compared to June 2020. The Miami, FL market had the 3rd highest number of sales in the country at +78.4%. This is a true sign of the increase in number of people moving to South Florida.
- Median sales price: The median sales price for June 2021 was $336,000. This is up 4.9% compared to May 2021.
- Average days on the market: The average days on market for homes sold in June 2021 was 24, down four days from the average in May 2021. In addition, this was down 21 days from the average in June 2020.
- Inventory of homes for sale: The inventory of homes for sales was up by 1.9% for June 2021 as compared to the prior month of May. However, this number was down 37.5% from June 2020.
Summary
The month of June is typically a strong month for home sales. As we have discussed in previous articles, many families typically prefer to shop for a home in the spring so that they are set up to close and move during the summer months. This year has been no different. With more people relocating as their companies become more open to remote working environments, South Florida has certainly benefited from this growth. Furthermore, we are continuing to see more confidence from sellers to list their homes for sale given where we are with the pandemic and vaccine rollout. Overall, we continue to remain bullish on the future of the South Florida real estate market.
Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. At Live South Florida Realty, Inc., we have been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
