Is The Summer Slowdown Over?
2020 and 2021 have been anomalies in the South Florida real estate industry. Contrary to what one might think, real estate actually has a season. Typically, the first part of the year from about January 15th to the beginning of June is what we refer to as Prime Selling Season. This is when about 60% of all homes that are bought and sold in a year get listed, go under contract, and close.
From the beginning of June until schools starts, also known as the Summer Slowdown, very little activity can be seen in the housing market. This is generally due to would-be homebuyers and sellers prioritizing vacations and other recreational activities.
From just after Labor Day to just before Thanksgiving, the industry experiences its most active period of listing and sales activity, The Fall Selling Season—referred to by industry professionals as the “Mad Dash” characterized by buyers and sellers anxious to get into new homes before the end of the year.
Since May of 2020, the real estate market has been experiencing unprecedented demand brought about by the pandemic. As 2021 gave way to summer, there was a marked decrease in sales and listing activity. Many industry leaders debated whether this was a result of a return to the normal real estate seasons, or whether it indicated that the market was leveling off. As the numbers from the Research Team at Berkshire Hathaway HomeServices EWM Realty show, those speculating it could have been a return to a more seasonal market have cause for celebration. Here is the breakdown of activity by County, each of which experienced gains in pending sales.
Single-Family Homes and Condominiums that went under contract in August 2021 within Miami-Dade County increased by 7.3%.
Single-Family Homes and Condominiums that went under contract in Broward County for the month of August increased by 6.2%. However, Broward had the highest number of properties that went under contract—a staggering 3,771 listings, which was 4.7% more than Miami-Dade County and 15.7% more than Palm Beach County.
Palm Beach County
The smallest in the number of new contracts, but the mightiest in gains, Palm Beach County’s pending sales of Single-Family Homes and Condominiums increased by 8.7%—making it the largest increase of all three Counties.
Interested in selling your home? It is best to list when buyer activity is high. We invite you to reach out to one of our elite Associates at Berkshire Hathaway HomeServices EWM Realty. Their ability to dissect complex market trends will be an asset for you when determining your pricing strategy, and the most effective marketing techniques to employ. This will help ensure you pave the quickest path possible to the perfect buyer. Fill out the form below and connect with one today!