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 affordability continues to be a concern, early signs point to an improving inventory situation which should balance out the market. Many new listings enter the market after the turn of a calendar year as Sellers prepare to get a jump on their annual goals. If home price appreciation falls more into line with wage growth, along with the increased inventory, consumer confidence and affordability are likely to improve.
In South Palm Beach County, median days to contract increased 25.7% to 44 days for Single Family Homes and 23.1% to 48 days on market. These numbers are only medians. In general, homes below $500,000 sell much more quickly than those above $500,000. Pending Sales decreased 20.5% for Single Family homes and 24.3 percent for Townhouse/Condo homes. Closed Sales dropped 17.5% for Single Family Homes and 16.2% for Townhouse/Condos.
Overall, these numbers point to a market that is becoming more balanced between buyers and sellers, and Buyers should have more choices as the number of homes for sale increases.
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.
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.