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 the month of May. Read on to learn more about the real estate market in South Palm Beach County:
Single Family Market Overview
The number of closed sales of single-family homes did increase 7.3% year over year for the month of May, however, on a year-to-date basis, we are down 6.2%. Median and Average sales prices have remained relatively flat, while the inventory numbers have continued their decline. We now have 5.1 months of Single-Family homes, but be cautioned that this number is an average, and depending upon the sub-market and the price point, could vary widely.
Townhouse/Condo Market Overview
Closed sales are down 1.5% on a monthly basis, and 10.3% on a year-to-date basis. Median Sales Price increased 12.1% in May to $185,000. The inventory numbers declined 3.9% and the months supply of inventory (absorption rate) stayed flat at 4.9 months.
The market is looking fairly stable
The market seems to be trending toward a middle ground between buyers and sellers. Although affordability remains a concern, the trend of low mortgage rates coupled with low unemployment and higher wages remains a driver of housing stability.
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.