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 October 2019. Read on to learn more about the real estate market in South Palm Beach County:
In October, mortgage rates increased slightly from the three-year lows seen in September. While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates are expected in 2020.
Local Market Overview
As in previous months, the year over year trends have continued with declining home sales, declining inventory, and increasing median prices. Although interest rates are low, there are still affordability concerns, and the continued low level of housing inventory is constraining sales activity from where it would most likely be in a more balanced market.
New Listings decreased 4.0 percent for Single Family homes but increased 1.4 percent for Townhouse/Condo homes. Pending Sales decreased 11.9 percent for Single Family homes and 10.2 percent for Townhouse/Condo homes. Inventory decreased 14.5 percent for Single Family homes and 7.0 percent for Townhouse/Condo homes.
Median Sales Price increased 7.9 percent to $379,950 for Single Family homes and 1.0 percent to $175,000 for Townhouse/Condo homes. Median Time to Contract increased 2.4 percent for Single Family homes and 20.6 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 12.0 percent for Single Family homes but remained flat for Townhouse/Condo homes.
Want to know more?
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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.