MIAMI, March 22, 2021 /PRNewswire-PRWeb/ -- Martin
County total home sales increased in February 2021 as pent-up demand and record-low
mortgage rates continue fueling transactions, according to the
MIAMI Association of Realtors
(MIAMI) and the Multiple Listing
Service (MLS) system.
Total home sales in Martin
County, located north of West Palm
Beach and home to the county seat of Stuart, increased 21.6% year-over-year in
February 2021, from 255 to 310.
Martin single-family home sales
increased 21.8% year-over-year, from 170 to 207. Martin existing condo transactions increased
21.2% year-over-year, from 85 to 103.
"Stuart and Martin County real estate has now seen five
consecutive months of double-digit year-over-year home sales
increases," JTHS-MIAMI President
Bill Mate said. "Homebuyers,
particularly those from tax-burdened Northeastern states, want to
live a sunny healthy lifestyle with no state income tax."
The demand for South Florida
real estate is evident in median time to contact. Martin County single-family homes are going
under contact in 34 days, 33.3% faster than a year ago (51 days).
Martin condos are going under
contract 49 days, 2.1% slower than a year ago (48 days).
Lack of inventory in certain price points is impacting sales,
particularly for single-family homes. Increased housing starts and
more sellers listing properties in 2021 should help alleviate the
lack of supply.
Martin County Luxury Single-Family Home Sales Surge 118.2% in
February 2021
Martin County single-family luxury
($1-million-and-up) transactions
jumped 118.2% year-over-year to 24 sales in February 2021. Martin existing condo luxury ($1-million-and-up) sales stayed the same with
zero transactions.
Luxury months of supply continues to trend downward for all
property types, month-over-month, and year-over-year.
Martin single-family homes
priced between $400K to $600K increased 43.6% year-over-year to 56
transactions in February 2021.
Martin existing condo sales priced
between $400K to $600K increased 60% to 8 transactions.
Record-low interest rates; a robust S&P 500; the appeal of
stable assets in a volatile economy; homebuyers leaving
tax-burdened Northeastern states to purchase in Florida (no state income tax); and
work-from-home and remote-learning policies have all combined to
create a robust market for luxury single-family properties.
Strong Price Appreciation in Martin
Strong demand coupled with limited supply continue to drive price
appreciation in Martin.
Martin County single-family
home prices increased 12.9% year-over-year in February 2021, increasing from $372,000 to $419,900. Existing condo prices increased 30.3%
year-over-year, from $160,000 to
$208,500.
Single-Family Home and Condo Dollar Volume Increases
Single-family home dollar volume increased 39.3% year-over-year,
from $106.9 million to $148.9 million. Condo dollar volume increased
40.6% year-over-year, from $18.2
million to $25.6 million.
According to Freddie Mac, the average commitment rate for a
30-year, conventional, fixed-rate mortgage was 2.81 in February, up
from 2.74% in January. The average commitment rate across all of
2020 was 3.11%.
Lack of access to mortgage loans continues to inhibit further
growth of the existing condominium market. Of the 9,307 condominium
buildings in Miami-Dade and
Broward counties, only 13 are
approved for Federal Housing Administration loans, down from 29
last year, according to Florida Department of Business and
Professional Regulation and FHA.
A better condo approval process is expected to increase sales.
The guidance, which went into effect in October 2019, extends certifications from two
years to three, allows for single-unit mortgage approvals, provides
more flexibility with owner/occupancy ratios, and increases the
allowable number of FHA loans in a single project. The changes,
many of which MIAMI and NAR have
championed, are expected to generate increased homeownership
opportunities.
Martin Distressed Sales Stay Low, Reflecting Healthy Market
Only 0.6% of all closed residential sales in Martin were distressed last month, including
REO (bank-owned properties) and short sales, compared to 2.7% in
February 2020.
Total Martin distressed sales
decreased 71.4%, from 7 to 2.
Short sales and REOs accounted for 0% and 0.6% year-over-year,
respectively, of total Martin
sales in February 2021. Short sale
transactions decreased 100% year-over-year while REOs decreased
60%.
Nationally, distressed sales represented less than 1% of sales
in February 2021, down from 2% in
February 2020.
Martin Real Estate Selling Close to List Price
The median percent of original list price received for
single-family homes was 96.3% in February
2021, up 1% from 95.3% last year. The median percent of
original list price received for existing condominiums was 96.2%,
up 0.7% from 95.5% last year.
The median number of days between listing and contract dates for
Martin single-family home sales
was 34 days, a 33.3% decrease from 51 days last year. The median
number of days between the listing date and closing date for condos
was 49 days, up 2.1% from 48 days.
The median time to sale for single-family homes was 81days, a
10% decrease from 90 days last year. The median number of days to
sale for condos was 86 days, a 2.3% decrease from 88 days.
National and State Statistics
Nationally, total existing-home sales transactions completed
transactions that include single-family homes, townhomes,
condominiums and co-ops, decreased 6.6% from January to a
seasonally-adjusted annual rate of 6.22 million in February. Sales
in total climbed year-over-year, up 9.1% from a year ago (5.70
million in February 2020).
In February, statewide home sales totaled 23,947, up 15.7%
year-over-year, while existing condo-townhouse sales totaled
11,379, up 28.7% over February 2020.
Closed sales may occur from 30- to 90-plus days after sales
contracts are written.
Nationally, the median existing-home price for all housing types
in February was $313,000, up 15.8%
from February 2020 ($270,400), as prices rose in every region.
February's national price jump marks
108 straight months of year-over-year gains.
The statewide median sales price for single-family existing
homes was $314,900, up 16.6% from the
previous year, according to data from Florida Realtors Research
Department in partnership with local Realtor boards/associations.
Last month's statewide median price for condo-townhouse units was
$233,240, up 16.6% over the year-ago
figure. The median is the midpoint; half the homes sold for more,
half for less.
Martin's Cash Buyers Top
National Figure
Martin cash transactions comprised
47.1% of February 2021 total closed
sales, compared to 49.4% last year. The national figure for cash
buyers is 22%.
Condominiums comprise a large portion of Martin's cash purchases as 65% of condo
closings were made in cash in February
2021 compared to 38.2% of single-family home sales.
Seller's Market for Single-Family Homes, Condos
Inventory of single-family homes decreased 62.1% in February 2021 from 923 active listings last year
to 350 last month. Condominium inventory decreased 38.7% from 411
listings to 252 during the same period in 2020.
Months supply of inventory for single-family homes decreased
67.4% to 1.5 months, which indicates a seller's market. Inventory
for existing condominiums decreased 44.4% to 2.5 months, which
indicates a buyer's market. A balanced market between buyers and
sellers offers between six- and nine-months supply.
Months supply of inventory is down since July 2019 for single-family, reflecting strong
demand.
Total active listings at the end of February 2021 decreased 54.9% year-over-year,
from 1,334 to 602. Active listings remain about 60% below 2008
levels when sales bottomed.
New listings of Palm Beach
single-family homes decreased 7.7% to 304 from 251. New listings of
condominiums decreased 5.9%, from 135 to 127.
Nationally, total housing inventory at the end of February
amounted to 1.03 million units, equal to January's inventory and
down 29.5% from one year ago (1.46 million). Unsold inventory sits
at a 2.0-month supply at the current sales pace, slightly up from
January's 1.9-month supply and down from the 3.1-month amount
recorded in February 2020. NAR first
began tracking the single-family home supply in 1982.
To access February 2021 Martin
County Statistical Reports, visit http://www.SFMarketIntel.com
Note: Statistics in this news release may vary depending on
reporting dates. MIAMI reports
exact statistics directly from its MLS system.
About the MIAMI Association of
Realtors
The MIAMI Association of Realtors
was chartered by the National Association of Realtors in 1920 and
is celebrating 101 years of service to Realtors, the buying and
selling public, and the communities in 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 total real estate professionals in all aspects
of real estate sales, marketing, and brokerage. It is the largest
local Realtor association in the U.S. and has official partnerships
with 223 international organizations worldwide. MIAMI's official website is
http://www.MiamiRealtors.com.
Media Contact
Lynda Fernandez, MIAMI Association of Realtors, 3054687040,
lynda@miamire.com
Twitter
SOURCE MIAMI Association of
Realtors