Is the market slowing down?
- 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 homes are taking longer to sell and sellers are reducing their prices.
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 in selling. Contact me today for a customized look at the latest conditions for the Boca Raton real estate market and beyond.
Read the Market Report Here
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.