Summer is officially here, and just as the weather is heating up, so is the Boca Raton real estate market. Florida Realtors® has released its report for May 2017, and the statistics show that both buyers and sellers can thrive right now in our local area — with the guidance of a qualified agent, that is.
Whether you’re looking for a condo by the beach or a single family home, here’s what you need to know as we enter the summer season.
Single Family Homes in Palm Beach County
The single family home market in our local area brought some notable shifts in May. Closed sales were on the rise both year-over-year and month-over-month, much to the delight of sellers. The same can be said for the median sale price, which showed a 7.9 percent increase between May 2016 and May 2017. While these numbers, coupled with a slight drop in inventory, point to heightened competition, the 11.6% increase in days to contract year-over-year puts more power in the hands of buyers. Also in buyer’s favor is the month’s supply of inventory, which came in at 4.9.
Townhouses & Condos in Palm Beach County
Though more of a buyer’s market in April, the Palm Beach County townhouses and the Palm Beach County condos market was far more balanced in May. Statistics for closed sales did a complete turnaround with a 7.8 percent increase year-over-year. Meanwhile, the median sale price continued its upward climb, and median days to contract rose along with it. The month’s supply of inventory was also on the upswing, going from 5.4 in May 2016 to 5.6 in May 2017.
If this report is any indicator, the summer season will be a busy one for Boca Raton real estate. If you’re looking to buy or sell in the area, our local experts can provide a more in-depth look at these conditions and advise you every step of the way.
Contact our office today to get the process started, so that you can get back to enjoying all that our area has to offer.
Posted by Gloria Singer on
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