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 and COVID
As COVID-19’s impact spread across the country in March, the stock market declines which started in February accelerated downward before recovering a bit in the last week of the month. With volatility across all the financial markets, lenders began tightening underwriting standards and some buyers found they no longer were approved for a loan. Massive layoffs also shook the economy with 6.6 million initial jobless claims filed in a single week—double the number last week and ten times higher than any other week on record prior to this month.
Local Market Overview
New Listings decreased 19.4 percent for Single Family homes and 17.9 percent for Townhouse/Condo homes. Pending Sales decreased 42.6 percent for Single Family homes and 40.7 percent for Townhouse/Condo homes. Inventory decreased 27.4 percent for Single Family homes and 14.7 percent for Townhouse/Condo homes. Median Sales Price increased 5.6 percent to $380,000 for Single Family homes and 13.0 percent to $187,000 for Townhouse/Condo homes. Median Time to Contract decreased 18.6 percent for Single Family homes and 2.6 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 28.8 percent for Single Family homes and 12.5 percent for Townhouse/Condo homes.
While the effect of COVID-19 is varied throughout the country, we are likely to see impacts to housing activity now and into the coming months. Its continued spread is leading many companies and consumers to change their daily activities. ShowingTime is closely monitoring the situation and releasing daily updates on changes in showing activity. See national and state showing activity trends at ShowingTime here.
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.