Luckily for buyers and sellers in our local area, the dog days of summer haven’t slowed down the Boca Raton real estate market. The latest market report from Florida Realtors® is out, and though many statistics seemingly favor sellers, the numbers demonstrate a balance of power across Palm Beach County.
Single Family Homes in Palm Beach County
The biggest changes year-over-year in Palm Beach County’s single family homes market concerned the median sale price and median days to contract. The median sale price increased by 7.8 percent, now sitting at $345,000. This, coupled with the 4.7 month’s supply of inventory reported, suggests the area is trending towards sellers. However, in light of the 7 percent increase for days to contract, the competition is not necessarily divesting buyers of their negotiating power.
Townhouses & Condos in Palm Beach County
The year-over-year shifts in Palm Beach County’s townhouses and condos market were similar to those seen for single family homes. Median days to contract continued to climb, increasing by a significant 13.2 percent. On the other hand, the median sale price rose by 6.8 percent. Closed sales also showed a modest increase, though sales did fall when compared month-over-month. Much like with single family homes, these numbers tell us that both buyers and sellers can successfully navigate this changing market with the right Boca Raton real estate agent.
If you have questions about our latest real estate market report, our local experts are happy to break it down for you. Give our office a call today to discuss your buying and selling needs and get additional insight from our Boca Raton real estate agents.
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.