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Boca Raton Real Estate Market Conditions

Boca Raton Real Estate Market Conditions

Found 82 blog entries about Boca Raton Real Estate Market Conditions.

sept 2019 market statsNewly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for September 2019. Read on to learn more about the real estate market in South Palm Beach County:

Economic Indicators

Although mortgage rates remain low, and the economy is strong, we are still hampered by low inventories and fewer home sales. In Washington there are discussions around a broad overhaul of the housing finance system, including the re-privatization of Fannie Mae and Freddie Mac and reforms to federal agencies involved with financing substantial portions of the mortgages made every year. Many of these policy conversations and eventual changes will take months or years to be

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August 2019 Market StatsNewly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for August 2019. Read on to learn more about the real estate market in South Palm Beach County:

Economic Indicators

As the summer draws to a close, multiple opposing factors and trends are competing to define the direction of the real estate market. After the Federal Reserve lowered its benchmark interest rate on July 31, 30-year mortgage rates continued to decline, approaching all-time lows last seen in 2016. [UPDATE: On September 18, 2019, the Fed cut rates another ¼% for a target range for the Federal Funds Rate of 1.75-2.00%]. In spite of these rate cuts, most experts agree that the

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July 2019 Market StatisticsNewly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for July. Read on to learn more about the real estate market in South Palm Beach County:

Economic Indicators

In July, the U.S. economic expansion that began in June 2009 became the longest in the nation's history, marking 121 straight months of gross domestic product growth and surpassing the 120-month expansion from 1991 to 2001. The average rate of growth during this expansion has been a milder 2.3 percent per year compared to 3.6 percent during the 1990s. Many economists are predicting a mild recession as some indicators (inverted bond yield, etc) are pointing in that direction.

During the

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June 2019 Market StatisticsNewly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for the month of June. Read on to learn more about the real estate market in South Palm Beach County:

Interest Rates

As was widely expected, the Federal Reserve did not change the target range for the federal funds rate – currently set at 2.25 to 2.5 percent – during their June meeting. Although the economy is still performing well due to factors such as low unemployment and solid retail sales, uncertainty remains regarding trade tensions, slowed manufacturing and meek business investments. According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.80% in June

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may 2019 market statsNewly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for the month of May. Read on to learn more about the real estate market in South Palm Beach County:

Single Family Market Overview

The number of closed sales of single-family homes did increase 7.3% year over year for the month of May, however, on a year-to-date basis, we are down 6.2%. Median and Average sales prices have remained relatively flat, while the inventory numbers have continued their decline. We now have 5.1 months of Single-Family homes, but be cautioned that this number is an average, and depending upon the sub-market and the price point, could vary widely.

Townhouse/Condo

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Newly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for January. Read on to learn more about the real estate market in South Palm Beach County:
The existing trends are continuing with the latest market statistics. Slower sales have persisted across most residential markets as buyers struggles with low affordability, higher prices, and low inventory.
However, for well-priced homes in desirable locations, competition is fierce. New Listings decreased 3.3 percent for Single Family homes and 1.0 percent for Townhouse/Condo homes. Pending Sales decreased 3.1 percent for Single Family homes and 14.0 percent for Townhouse/Condo homes.…
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February 2019 Market statsIs the market slowing down?

Kind of.

  • There are fewer sales. Each month since November 2018 has shown year over year declines in the number of closed sales.
  • Prices are still increasing. (Although the pace of price increase is slowing down).
  • Affordability remains a concern. The housing affordability index continues to decline, meaning that homes are less affordable.
  • It’s taking longer to sell. The median days on market is now 46 for Single Family Homes and 50 for Townhouses/Condos. Those are the highest numbers we have seen in a year.

What does this all mean?

The market is changing, but it is nowhere near a Buyer’s market (yet).  Buyers are still competing if the home is “the best”- meaning priced right and looks great. But- many

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January 2019 Market Statistics Infographic

Newly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for January. Read on to learn more about the real estate market in South Palm Beach County:

Home Sales begin to slow

The pace of home sales began to slow in the last quarter of 2018, despite a strong economy, high employment, and steady wage growth. Although prices have continued to rise, the rate of the increase is slowing.  Blame for the slowdown was given to a combination of both high prices and steady interest rate hikes by the Federal Reserve. This month, the Fed responded by not increasing rates further for the time being.

Affordability continues to be an issue

Although home

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December 2018 Market Statistics

Newly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for December. Read on to learn more about the South Palm Beach County Real Estate market:

Prepare for a Changing Market

We closed out the year with an overall year over year increase of 4.1% in the Median Sales Price and 7.4% of the Average Sales Price for all property types in South Palm Beach County. Although it is a slight increase, it is a smaller change than in recent years. So although home prices have not yet fallen, there was a decline in the rate of appreciation.  The price increases are a result of high demand for fewer homes for sale, however, there is evidence that inventory

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Newly released market statistics from Florida Realtors® are in, showing recent real estate market activity in our area. The reports compare year over year data for September. Read on to learn more about the Boca Raton Real Estate market:

Numbers are skewed because of Hurricane Irma

The reports show a huge increase in the number of closed sales in Boca Raton in September 2018 as compared to September 2017, but of course, the numbers are very skewed. Hurricane Irma knocked out a huge number of real estate closings in September 2017, causing many to be canceled or delayed. I expect that the next several months will also show some distorted numbers as a result of last years “weather interruption”.

Additionally, the number of pending sales is

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