Boca Expert Realty Real Estate Blog

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 October 2019. Read on to learn more about the real estate market in South Palm Beach County:

Economic Indicators

In October, mortgage rates increased slightly from the three-year lows seen in September. While the Federal Reserve reduced the federal-funds target rate by .25%, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates are expected in 2020.

Local Market Overview

As in previous months, the year over year trends have continued with declining home sales, declining inventory, and increasing median prices. Although interest rates are low, there are still affordability concerns, and the continued low level of housing inventory is constraining sales activity from where it would most likely be in a more balanced market.
New Listings decreased 4.0 percent for Single Family homes but increased 1.4 percent for Townhouse/Condo homes. Pending Sales decreased 11.9 percent for Single Family homes and 10.2 percent for Townhouse/Condo homes. Inventory decreased 14.5 percent for Single Family homes and 7.0 percent for Townhouse/Condo homes.
Median Sales Price increased 7.9 percent to $379,950 for Single Family homes and 1.0 percent to $175,000 for Townhouse/Condo homes. Median Time to Contract increased 2.4 percent for Single Family homes and 20.6 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 12.0 percent for Single Family homes but remained flat for Townhouse/Condo homes.

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 selling. Contact me today for a customized look at the latest conditions for the Boca Raton real estate market and beyond.