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 2019. Read on to learn more about the real estate market in South Palm Beach County:
In 2019 home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three-quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.
Local Market Overview
New Listings decreased 16.0 percent for Single Family homes but increased 5.6 percent for Townhouse/Condo homes. Pending Sales decreased 0.9 percent for Single Family homes but increased 1.5 percent for Townhouse/Condo homes. Inventory decreased 21.1 percent for Single Family homes and 7.8 percent for Townhouse/Condo homes. Median Sales Price increased 10.7 percent to $381,950 for Single Family homes and 6.4 percent to $190,000 for Townhouse/Condo homes. Median Time to Contract decreased 17.1 percent for Single Family homes and 12.8 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 24.1 percent for Single Family homes and 4.1 percent for Townhouse/Condo homes.
With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. It remains to be seen whether existing homeowners will be enticed to sell by higher home prices, which could finally bring the overall housing market into greater balance.
Want to know more?
I’m always here to help you navigate the local market. I can analyze the specific neighborhood and price range for you, whether you are interested in buying or selling. Contact me today for a customized look at the latest conditions for the Boca Raton real estate market and beyond.
Gloria Singer is the Broker of Boca Expert Realty, a boutique Boca Raton real estate company with a focus on professional service and an unparalleled customer experience. Our select agents are amongst the top performing professionals in the field. Visit www.BocaExpert.com for information on Boca Raton, Delray Beach and Highland Beach real estate and to connect with an expert in the local market.