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 March. Read on to learn more about the real estate market in South Palm Beach County:
Economic Indicators
Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.
While the number of unemployment insurance weekly initial claims have been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates remaining near record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market.
Anecdotally, we are finding a significant number of potential buyers and renters coming from the Northeast, specifically NYC. With people still working from home, and school being held virtually, many people are questioning their housing situation and looking to come to South Florida before the winter arrives up north.
Local Market Summary
New Listings increased 4.5 percent for Single Family homes and 19.6 percent for Townhouse/Condo homes. Pending Sales increased 7.4 percent for Single Family homes and 0.9 percent for Townhouse/Condo homes. Inventory decreased 33.2 percent for Single Family homes but increased 0.4 percent for Townhouse/Condo homes. Median Sales Price increased 13.7 percent to $415,000 for Single Family homes and 9.6 percent to $200,000 for Townhouse/Condo homes. Median Time to Contract decreased 5.7 percent for Single Family homes but increased 11.9 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 29.8 percent for Single Family homes but increased 11.1 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 in selling. Contact me today for a customized look at the latest conditions for the Boca Raton real estate market and beyond.
Posted by Gloria Singer on
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