August 2020 Market Statistics for South Palm Beach County

Posted by Gloria Singer on Wednesday, September 23rd, 2020 at 1:55pm.

august 2020 market statisticsNewly 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 August. Read on to learn more about the real estate market in South Palm Beach County:

Homes Sales are Higher, Tight Inventory Remains a Hurdle

The housing rebound continued In August. Showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. New Listings increased 13.0 percent for Single Family homes and 22.0 percent for Townhouse/Condo homes. Pending Sales increased 17.9 percent for Single Family homes and 3.6 percent for Townhouse/Condo homes. Inventory of existing homes decreased 33.2 percent for Single Family homes but increased 3.5 percent for Townhouse/Condo homes. Median Sales Price increased 16.4 percent to $425,000 for Single Family homes and 19.5 percent to $208,000 for Townhouse/Condo homes. Median Time to Contract decreased 34.3 percent for Single Family homes and 15.0 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 33.3 percent for Single Family homes but increased 11.6 percent for Townhouse/Condo homes.

Year to Date numbers less Positive

Although these August numbers look pretty rosy compared to the same month last year, much of this increased activity is deferred from the months that we lost during the shutdown. On a year-to-date basis (as compared to year-to-date 2019), the numbers don’t look quite as promising: Year-to-date closed sales are -12.1%, pending sales are -9.0% and new listings are -8.0%. Although demand is high, the lower inventory is an obstacle to more pending and closed sales.
The other story is that single family homes are in much greater demand than condos and townhomes, as can be seen from the declining inventory for single family homes as opposed to the slight increase in inventory for condos and townhouses.

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. 

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