Martin County total home sales increase 22.8% in Q1 2021; Single-family luxury transactions soar 190.6%


Bill Mate, President of JTHS-MIAMI

“Known as the Sailboat Capital of the World, Stuart and Martin County offer an award winning lifestyle in a small town in Florida, close to the water and the major cities of Miami and Fort Lauderdale.”

According to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system, Martin County continued its trend of double-digit total home sales in Q1 2021, as pent-up demand and historically low mortgage rates fueled transactions.

Total Martin County home sales increased 22.8% year over year, from 804 to 987. Martin single-family home transactions increased 26.5%, from 536 to 678 Martin single-family homes have now recorded year-over-year sales gains in six of the past eight quarters. Martin’s existing condo sales increased 15.3%, from 268 to 309.

“Known as the Sailboat Capital of the World, Stuart and Martin County offer an award-winning lifestyle in a small town in Florida, close to the water and the major cities of Miami and Fort Lauderdale,” said the president by JTHS-MIAMI, Bill Mate. “Record mortgage rates and strong demand continue to fuel home sales in Martin County.”

Lack of inventory at certain prices impacts sales, especially for single-family homes. Rising housing starts and more sellers listing properties in 2021 should help alleviate the supply shortage.

Martin County’s luxury goods sales soar 190.6% as high-net-income shoppers burdened by taxes move out

Martin County’s luxury single-family home transactions ($ 1 million and over) jumped 190.6% year over year to 93 transactions in Q1 2021. County luxury condo sales de Martin increased by 125% to 9 transactions in Q1 2021.

Historically low interest rates; a record S&P 500; the attractiveness of stable assets in a volatile economy; buyers who leave the northeastern and west coast states subject to tax to buy in Florida (no income tax); and work-from-home and distance-learning policies have all combined to create a strong market for luxury single-family properties.

Martin’s homeowners’ home equity rises as many pay lower mortgage payments

With interest rates still at historically low levels, many South Florida homeowners have refinanced their home loans. So not only are many homeowners now paying lower mortgage payments; they do so when their wealth (home equity) has increased considerably. Home equity can be tapped into for renovations, college loans and more.

Median single-family home prices in Martin County increased 19.9% ​​year over year, from $ 377,500 to $ 452,500. Median prices for existing Martin County condos increased 24.6% year over year, from $ 167,500 to $ 208,750.

Rising median prices are a trend nationwide, as record mortgage rates and the increased availability of remote work and education have accelerated housing demand. Low inventory versus high demand results in higher prices.

If mortgage rates resume their rise, house price growth is likely to slow in response. Additionally, as more sellers list properties in 2021, increased inventory should dampen the growth in median prices.

Martin Dollar volume totals $ 5.3 billion, showcasing housing games with economic impact

While other industries have struggled over the past year, housing has boosted the economy nationally and locally. For every two homes sold in the United States, one job is created. Palm Beach’s dollar volume illustrates the impact of housing on the local economy.

The dollar volume of Martin single-family homes increased 82.3%, from $ 288.5 million to $ 525.9 million. Martin’s existing condo dollar volume increased 24.6% to $ 86.8 million.

Non-distressed sales accounted for approximately 99.95% of all residential sales closed in Q1 2021 compared to 97.8% in Q1 2020. Only 0.05% of all residential sales closed in Martin were distressed in Q1 2021,

including REO (bank properties) and short sales, compared to 2.2% in Q1 2020.

Short sales and REOs accounted for 0% and 0.5% of Martin’s sales in Q1 2021, respectively. Short sell transactions declined 100% year over year while REOs fell by 64.3%.

Lower mortgage rates have made home purchases more affordable in 2021. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage was on average 2.88% in Q1 2021, down from Q1 2021. to the 3.51% average recorded in the same quarter a year earlier.

Martin Hot Markets: Palm City Ranks Among Best for Single Family and Condominiums

The supply of several months is a strong indicator of real estate activity. A look at the Martin County neighborhoods with the lowest months of inventory (at least 35 new sales pending) in Q1 2021:

Single-family homes

1. Jensen Beach, a community in northern Martin County on Martin-St. Lucie Line, 1.2 month supply

2. Palm City, a community in northern Martin County on rue Martin-St. Lucie Line, 1.3 month supply

3. Hobe Sound, a community in southern Martin County west of Jupiter Island, had a 1.5 month supply.

4. Stuart, a town in northern Martin County, east of Palm City, had 1.7 months of supply

5. Port Salerno, a community in central Martin County south of Stuart, had 2.1 months of supply

Condominiums

1. Palm City, a community in northern Martin County on rue Martin-St. Lucie Line, 1.3 month supply

2. Port Salerno, a central Martin County community south of Stuart, had 1.6 months of supply

3. North River Shores, a community in northern Martin County north of Stuart, had 1.9 months of supply

4. Jensen Beach, a community in northern Martin County on Martin-St. Ligne Lucie, had 2.1 months of supply

5. Hobe Sound, a community in southern Martin County, west of Jupiter Island, had 2.6 months of supply.

Robust housing demand statewide, fueling double-digit increase in sales nationwide

Closed sales of single-family homes statewide totaled 78,353 in Q1 2021, up 19.4% from Q1 2020 level. In the Florida condominium market, closed sales across States totaled 37,505 in Q1 2021, up 37% from Q1 2020, according to data from Florida Realtors Research in partnership with local real estate boards / associations. Closed sales generally take place 30 to 90 days after the drafting of sales contracts.

The statewide median selling price for existing single-family homes in 1Q 2021 was $ 317,500, up 17.6% from the same period a year ago. The statewide median price for townhouse condominium properties in the quarter was $ 235,422, up 14.8% from last year’s figure. The median is the midpoint; half of the houses sold more, half cheaper.

Nationally, the median selling price of existing homes increased 16.2% year over year to $ 319,200, the highest level since 1989. All regions recorded a double-digit year-over-year price growth, with the Northeast registering a 22.1% increase, followed by the West (18.0%), the South (15.0%) and of the Midwest (14.4%).

Vendor’s Market for Martin County Real Estate

At the current rate of sales, the number of active listings represents 1.5 months of inventory for single-family homes (sellers’ market) and 2 months for condominiums (sellers). A balanced market between buyers and sellers offers between six and nine months of supply stock.

Martin Real Estate had 551 active listings in Q1 2021, a decrease of 60.8% from 1,407 listings in the same period last year. The inventory of single-family homes decreased by 64.9%, from 969 to 340. The inventory of existing Martin condos decreased by 51.8%, from 438 to 211.

Martin County real estate attracts multiple bids as buyers exceed list price

With low inventory, especially for single-family homes, properties in Martin County are attracting multiple bids and buyers are exceeding the list price. The median percentage of the initial price received was 96.9% for single-family homes and 95.6% for condos in Q1 2021.

The median time to contract for single-family homes was 26 days, down 49% from 51 days in Q1 2020. The median time to contract for existing condos was 39 days, down from 18 days. , 8% compared to 48 days in Q1 2020.

The median time to sell single-family homes fell 24.2%, from 95 days to 72. The median time to sell existing condos fell 10.9%, from 90 to 81.

Martin Cash Sales Doubles National Figure: South Florida’s # 1 Market for Global Buyers

Cash sales accounted for 48.8% of sales made by Martin in Q1 2021, up from 50.6% in Q1 2020. About 20% of home sales in the United States are made in cash, according to the latest statistics from the NAR .

The high percentage of cash buyers reflects South Florida’s first position as the preeminent US real estate market for foreign buyers, who tend to buy with all cash as well as some moving to more expensive US markets. who are able to buy more with their real profits. real estate sales.

Cash sales accounted for 60.2% of all Martin’s existing condo sales and 43.7% of single-family transactions.

Martin County 1Q 2021 Statistical Reports – visit SFMarketIntel.com

Note: Statistics in this press release may vary based on report dates. MIAMI reports accurate statistics directly from its MLS system.

About the MIAMI Real Estate Agents Association

The MIAMI Association of Realtors was accredited by the National Association of Realtors in 1920 and celebrates 101 years of service to realtors, the buying and selling public, and communities of South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward-MIAMI Association of Realtors, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents 52,000 real estate professionals in total in all aspects of real estate sales, marketing and brokerage. It is the largest local association of real estate agents in the United States and has official partnerships with 223 international organizations around the world. The official MIAMI website is http://www.MiamiRealtors.com

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