‘Unprecedented’ Housing Shortage in Palm Beach County Sparks Feeding Frenzy Among Realtors

Published by The Palm Beach Post | April 8, 2021

The sizzling housing market is a double-edged sword for Realtors.

Glossy mailers, cold calls and text messages — if you are a homeowner, you’ve probably received more than one gauging your interest in selling your home amid what is the hottest real estate market in more than a decade.

“If sellers have been holding back, this is a great time to take advantage, because the market is not going to keep going up forever,” said Kristina Krykhtin, a Realtor with Signature One Luxury Estates in Boca Raton.

Demand for homes today so far outstrips supply that Krykhtin has taken to sending out 10,000 flyers and digital ads per month — up from 2,000 one year ago — attempting to mine communities for potential home sellers.

She has even branched out into multi-unit properties, such as duplexes, to try to fill the void in the single-family housing market — but with little luck, she said.

“I’ve had people reach out to find out where the market is at, but nobody is really pulling the trigger on listing their homes,” she said. “Especially with COVID, they don’t feel comfortable having people come through their house.”

Record prices for those willing to sell homes

Homeowners who do list are certainly enjoying rocketing appreciation. The median price for a single-family home sold in Palm Beach County in February hit a historic high of $450,000, representing a 25% increase from the same month in 2020, according to figures released March 22 by Broward, Palm Beaches & St. Lucie Realtors.

But the sizzling housing market is a double-edged sword for Realtors. Yes, skyrocketing prices yield rich commissions — but first, they must find a house to list or sell. Hence the full court press to unearth willing sellers.

Nationwide housing shortage as well

The pandemic has led to a nationwide housing shortage as families flee city living for more space and the ability to work remotely. Low interest rates and cash stimulus money have also enabled first-time buyers to qualify for more home than they would have been able to afford a year or so ago.

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