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 February 2023 Read on to learn more about the real estate market in South Palm Beach County:
In its continued effort to curb inflation, the Federal Reserve raised its benchmark interest rate in February by a quarter-percentage point to 4.50% - 4.75%, its 8th rate hike since March of last year, when the interest rate was nearly zero. Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1% month-to-month as of last measure, but affordability constraints continue to limit homebuyer activity overall, with existing-home sales declining for the twelfth consecutive month, according to the National Association of Realtors® (NAR).
New Listings decreased 12.9 percent for Single Family homes but increased 6.5 percent for Townhouse/Condo homes. Pending Sales increased 0.4 percent for Single Family homes but decreased 11.8 percent for Townhouse/Condo homes. Inventory increased 70.3 percent for Single Family homes and 113.3 percent for Townhouse/Condo homes. Median Sales Price increased 0.3 percent to $570,000 for Single Family homes and 6.8 percent to $288,250 for Townhouse/Condo homes. Median Time to Contract increased 260.0 percent for Single Family homes and 166.7 percent for Townhouse/Condo homes. Months Supply of Inventory increased 121.4 percent for Single Family homes and 191.7 percent for Townhouse/Condo homes.
With buyer demand down from peak levels, home price growth has continued to slow nationwide, although prices remain up from a year ago. Sellers have been increasingly cutting prices and offering sales incentives in an attempt to attract buyers, who have continued to struggle with affordability challenges this winter. The slight decline in mortgage rates earlier this year convinced some buyers to come off the sidelines, but with rates ticking up again in recent weeks, buyers are once again pulling back, causing sales activity to remain down heading into spring.
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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.
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