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 2020. Read on to learn more about the real estate market in South Palm Beach County:
For 2020, The National Association of REALTORS® Chief Economist Lawrence Yun sees good news for home prices. “National median home price growth is in no danger of falling due to inventory shortages and will rise by 4%,” the long-term NAR economist predicts. He is also expecting the new-home construction market sales to increase 10%. Yun and others would like to see home builders bring more affordable units to market to help ease shortages and slow price gains in that segment.
We start off the year with continued low interest rates, low unemployment, and rising rents nationally. These factors should encourage healthy buyer demand and sets us up for a strong start to the 2020 housing market and a lot of optimism for the coming spring market.
Local Market Overview
New Listings decreased 10.6 percent for Single Family homes and 3.2 percent for Townhouse/Condo homes. Pending Sales decreased 2.8 percent for Single Family homes and 4.6 percent for Townhouse/Condo homes. Inventory decreased 24.5 percent for Single Family homes and 10.7 percent for Townhouse/Condo homes. Median Sales Price increased 8.9 percent to $385,000 for Single Family homes and 9.1 percent to $180,000 for Townhouse/Condo homes. Median Time to Contract remained flat for Single Family homes but decreased 19.6 percent for Townhouse/Condo properties. Months Supply of Inventory decreased 26.3 percent for Single Family homes and 9.3 percent for Townhouse/Condo homes.
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.