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. Read on to learn more about the real estate market in South Palm Beach County:
The existing trends are continuing with the latest market statistics. Slower sales have persisted across most residential markets as buyers struggles with low affordability, higher prices, and low inventory.
However, for well-priced homes in desirable locations, competition is fierce.
New Listings decreased 3.3 percent for Single Family homes and 1.0 percent for Townhouse/Condo homes. Pending Sales decreased 3.1 percent for Single Family homes and 14.0 percent for Townhouse/Condo homes. Inventory decreased 2.5 percent for Single Family homes and 4.7 percent for Townhouse/Condo homes. Median Sales Price increased 0.6 percent to $359,000 for Single Family homes and 4.3 percent to $180,000 for Townhouse/Condo homes. Median Time to Contract increased 16.2 percent for Single Family homes and 15.0 percent for Townhouse/Condo homes. Months Supply of Inventory increased 1.9 percent for Single Family homes but decreased 1.9 percent for Townhouse/Condo homes.
The national unemployment rate dropped to 3.6 percent during April 2019, the lowest level since 1969. A historically low unemployment rate can provide reassurance to wary consumers. But in order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active. Neither situation is likely to occur in 2019, yet inventory is straining to keep pace in the most competitive price ranges.
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
Leave A Comment