October 2020 Market Statistics for South Palm Beach County

Posted by Gloria Singer on Monday, November 23rd, 2020 at 1:34pm.

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

Buyer activity in October up

October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.

New Listings decreased 5.8 percent for Single Family homes and 3.5 percent for Townhouse/Condo homes. Pending Sales increased 13.2 percent for Single Family homes and 15.8 percent for Townhouse/Condo homes. Inventory decreased 38.8 percent for Single Family homes and 8.3 percent for Townhouse/Condo homes. Median Sales Price increased 16.4 percent to $439,500 for Single Family homes and 18.7 percent to $203,500 for Townhouse/Condo homes. Median Time to Contract decreased 61.0 percent for Single Family homes and 22.5 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 41.3 percent for Single Family homes and 6.4 percent for Townhouse/Condo homes.

Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.

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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