<?xml version="1.0" encoding="UTF-8" ?>
<rss version="2.0" xmlns:atom="http://www.w3.org/2005/Atom">
    <channel>
        <atom:link href="https://www.bocaexpert.com/blog/rss/" rel="self" type="application/rss+xml" />
        <title>Boca Raton Real Estate Blog</title>
        <link>https://www.bocaexpert.com/blog/</link>
        <description>Boca Expert's real estate blog will provide you with valuable information about the Boca Raton real estate (and surrounding area) scene.</description>
<item>
    <guid>https://www.bocaexpert.com/blog/november-2024-market-statistics.html</guid>
    <link>https://www.bocaexpert.com/blog/november-2024-market-statistics.html</link>
        <author>caesar@bocaexpert.com (Caesar Parisi)</author>
        <title>November 2024 Market Statistics</title>
    <description> <![CDATA[ 
South Palm Beach County Real Estate Market Update: Inventory Surges, Sales Slow Down


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

The South Palm Beach County real estate market in November 2024 shows notable shifts compared to the same period in 2023. Here are the key highlights:



Single-Family Homes






Closed Sales: Declined by 10.3, from 428 to 384 units.






New Listings: Increased by 5.1.






Pending Sales: Rose sharply by 18.9.






Median Sale Price: Decreased by 2.0 to $600,000.






Median Time to Contract: Increased significantly by 73.7 from 19 days to 33 days on market.






Inventory (Active Listings): Grew by 13.8 to 2,612 units.






Months Supply of Inventory: Expanded by 17.1, reaching 4.8 months.







Townhouses/Condos






Closed Sales: Dropped significantly by 23.2, from 548 to 421 units.






New Listings: Increased by 7.1 to 1.217 units.






Pending Sales: Fell by 10.2.






Median Sale Price: Rose slightly by 0.3 to $299,000.






Median Time to Contract: Lengthened significantly by 81.5 to 49 days on market.






Inventory (Active Listings): Surged by 39.4 to 4, 4,702 units.






Months Supply of Inventory: Soared by 64.6, reaching 7.9 months. (this is the amount of time it would take to sell all units currently on the market if no new listings were added)







Key Takeaways






Rising Inventory:  Both segments saw substantial inventory growth, with townhouses/condos experiencing a sharper increase.






Mixed Sales Activity: While pending sales for single-family homes increased significantly, townhouse/condo sales lagged behind.






Price Trends: Single-family home prices saw a slight dip, while townhouse/condo prices edged up marginally. All in all, pricing has remained stable, however with increased inventory and decreased demand, we expect prices may decline.






Slower Sales Timelines: The median time to contract increased significantly for both property types, reflecting a shift toward a buyer’s market.






These trends suggest a shift toward a buyer's market in South Palm Beach County, driven by increased inventory and extended sales timelines. Sellers may need to adjust strategies to stay competitive in this evolving landscape.


What is happening with the condo market specifically?


The South Florida condominium market is currently facing several challenges, particularly concerning older buildings:






Rising Condo Association Fees and Special Assessments: Many older condos are facing significant structural issues, leading to costly repairs. In response to new state legislation mandating comprehensive structural inspections and maintenance reserves for older buildings (as a result of the horrific Surfside building collapse in 2021), many condo associations have increased HOA fees and implemented special assessments. This financial burden has led numerous owners to list their units for sale, contributing to a surge in condo listings.






Increased Insurance Premiums: Property insurance costs have escalated sharply, with some condo associations reporting premium hikes of up to 800. These rising costs, combined with new safety regulations, have led to higher monthly dues and special assessments, straining affordability for many condo owners.






 Regulatory Challenges: New laws requiring structural inspections and adequate reserves are increasing condo association costs. While these regulations enhance safety and property value, they also increase ownership costs.






These interconnected challenges have created a complex environment for condo owners, buyers, and investors in Boca Raton. In particular, it is important to verify that condo buildings have adequate reserves to cover any future repairs. 


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.


 


 
 ]]> </description>
    <pubDate>Fri, 20 Dec 2024 10:03:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.bocaexpert.com/blog/august-2024-market-statistics.html</guid>
    <link>https://www.bocaexpert.com/blog/august-2024-market-statistics.html</link>
        <author>caesar@bocaexpert.com (Caesar Parisi)</author>
        <title>August 2024 Market Statistics</title>
    <description> <![CDATA[ 
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 August 2024. Read on to learn more about the real estate market in South Palm Beach County:


National Trends


U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3 month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.


Nationally, total housing inventory edged up 0.8 from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace, NAR data shows. Although inventory is up nearly 20 compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2 year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases. 


LOCAL TRENDS


In South Palm Beach County, the market for condos is quite different from that of single family homes.  New Listings increased 8.0 percent for Single Family homes and 10.8 percent for Townhouse/Condo homes. Pending Sales decreased 7.3 percent for Single Family homes and 21.6 percent for Townhouse/Condo homes. Inventory increased 31.1 percent for Single Family homes and 62.5 percent for Townhouse/Condo homes. Median Sales Price increased 4.7 percent to $665,000 for Single Family homes and 2.6 percent to $313,000 for Townhouse/Condo homes. Median Time to Contract increased 88.2 percent for Single Family homes and 76.9 percent for Townhouse/Condo homes. Months Supply of Inventory increased 38.7 percent for Single Family homes and 83.3 percent 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 in selling.  Contact me  today for a customized look at the latest conditions for the Boca Raton real estate market and beyond.








 


 


 


 

 ]]> </description>
    <pubDate>Tue, 08 Oct 2024 10:51:00 -0400</pubDate>
</item>
<item>
    <guid>https://www.bocaexpert.com/blog/september-2023-market-statistics.html</guid>
    <link>https://www.bocaexpert.com/blog/september-2023-market-statistics.html</link>
        <author>caesar@bocaexpert.com (Caesar Parisi)</author>
        <title>September 2023 Market Statistics</title>
    <description> <![CDATA[ 
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 September 2023. Read on to learn more about the real estate market in South Palm Beach County:










Home Sales decline nationally due to affordability challenges


National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7 since mid-August. With fewer buyers able to afford the costs of homeownership, existing-home sales nationally declined 0.7 month-over- month and were down 15.3 year-over-year, according to the National Association of REALTORS®(NAR).


Prices have continued to increase this fall despite softening home sales nationwide, as a lack of inventory has kept the market competitive for prospective buyers, sparking bidding wars and causing homes to sell for above asking price in some areas. Heading into September there were only 1.1 million units available for sale, 0.9 fewer than a month ago and 14.1 fewer than the same period last year, according to NAR. As a result, the U.S. median existing-home sales price rose 3.9 year-over-year to $407,100, marking the third consecutive month that the median sales price topped $400,000.


Local market also experiencing challenges


In South Palm Beach County, New Listings increased 1.9 percent for Single Family homes and 20.7 percent for Townhouse/Condo homes. Pending Sales increased 3.6 percent for Single Family homes and 3.2 percent for Townhouse/Condo homes. Inventory decreased 21.3 percent for Single Family homes but increased 17.2 percent for Townhouse/Condo homes. 


Median Sales Price increased 8.3 percent to $649,900 for Single Family homes and 3.6 percent to $290,000 for Townhouse/Condo homes. Median Time to Contract increased 11.1 percent for Single Family homes and 106.3 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 9.1 percent for Single Family homes but increased 45.8 percent 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 in selling.  Contact me  today for a customized look at the latest conditions for the Boca Raton real estate market and beyond.









 










 




 ]]> </description>
    <pubDate>Mon, 23 Oct 2023 11:35:00 -0400</pubDate>
</item>
<item>
    <guid>https://www.bocaexpert.com/blog/july-2023-market-statistics.html</guid>
    <link>https://www.bocaexpert.com/blog/july-2023-market-statistics.html</link>
        <author>caesar@bocaexpert.com (Caesar Parisi)</author>
        <title>July 2023 Market Statistics</title>
    <description> <![CDATA[ 
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 July.  Read on to learn more about the real estate market in South Palm Beach County:


Affordability constraints have continued to limit home-buying activity this summer, with existing-home sales falling 3.3 month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have exceeded 7, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower. In South Palm Beach County, New Listings decreased 24.8 percent for Single Family homes and 10.7 percent for Townhouse/Condo homes. Pending Sales increased 14.7 percent for Single Family homes and 4.5 percent for Townhouse/Condo homes. Inventory decreased 24.6 percent for Single Family homes but increased 14.5 percent for Townhouse/Condo homes. Median Sales Price decreased 0.7 percent to $629,500 for Single Family homes but increased 5.3 percent to $300,000 for Townhouse/Condo homes. Median Time to Contract increased 90.0 percent for Single Family homes and 154.5 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 10.0 percent for Single Family homes but increased 45.5 percent for Townhouse/Condo homes. Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9 below the all-time high of $413,800 recorded in June 2022, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong.


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.








 


 


 


 

 ]]> </description>
    <pubDate>Thu, 24 Aug 2023 11:21:00 -0400</pubDate>
</item>
<item>
    <guid>https://www.bocaexpert.com/blog/may-2023-market-statistics.html</guid>
    <link>https://www.bocaexpert.com/blog/may-2023-market-statistics.html</link>
        <author>caesar@bocaexpert.com (Caesar Parisi)</author>
        <title>May 2023 Market Statistics</title>
    <description> <![CDATA[ 
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 May 2023.  Read on to learn more about the real estate market in South Palm Beach County and beyond:According to the National Association of REALTORS® (NAR), existing-home sales have experienced a slight dip for the second month in a row, falling 3.4 nationwide. This decrease can be attributed to higher interest rates, which are impacting buyer affordability. Compared to the same period last year, sales are down a significant 23, while contract signings have dropped by 20.3.As the market cools down, buyers in certain regions have found some relief in declining sales prices, which have seen a 1.7 year-over-year decrease nationally. However, it's important to note that more affordable markets are still witnessing price gains, indicating a diverse real estate landscape.Let's take a closer look at the numbers in our neck of the woods (all numbers are year over year). New listings have decreased by 21.9 for single-family homes and 15.7 for townhouse/condo properties. Pending sales have seen a decline of 3.3 for single-family homes, while experiencing an 8.9 increase for townhouse/condo homes. Inventory levels have seen an interesting shift, with a 6.8 increase for single-family homes and a substantial 53.3 increase for townhouse/condo properties.Now, let's talk about the prices. The median sales price for single-family homes has gone up by 1.6, reaching $635,000, while townhouse/condo homes have experienced a modest 0.3 increase, bringing the median price to $300,000. However, we should note that the time it takes for a property to go under contract has seen a significant increase. For single-family homes, the median time to contract has risen by a whopping 257.1, and for townhouse/condo homes, it has increased by 237.5.One of the contributing factors to the lower-than-average home sales this time of year is a shortage of inventory. Homeowners who secured mortgage rates much lower than the current rates are opting to hold off on selling until the market conditions improve. This shortage, combined with fluctuating interest rates, has caused some buyers to sit on the sidelines. As we headed into May, there was only a 2.9 months' supply of available homes, leading to a fast-moving market. In fact, the typical home spent just over three weeks on the market, according to NAR.So, there you have it While the real estate market in Boca Raton is experiencing a bit of a slowdown, there are various factors at play. Fluctuating interest rates and a shortage of inventory are impacting home sales. However, if you're a buyer looking for a deal, declining sales prices in some areas might provide some opportunities. Keep an eye on the market, as conditions are ever-changing.


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.








 




 ]]> </description>
    <pubDate>Thu, 22 Jun 2023 11:58:00 -0400</pubDate>
</item>
<item>
    <guid>https://www.bocaexpert.com/blog/april-2023-real-estate-market-statistics.html</guid>
    <link>https://www.bocaexpert.com/blog/april-2023-real-estate-market-statistics.html</link>
        <author>caesar@bocaexpert.com (Caesar Parisi)</author>
        <title>April 2023 Real Estate Market Statistics</title>
    <description> <![CDATA[ 




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 April 2023. Read on to learn more about the real estate market in South Palm Beach County:


National Trends


According to the National Association of REALTORS® (NAR), the number of homes sold in the US decreased by 2.4 compared to the previous month. This is a reversal from the 14.5 increase in sales that occurred in February. The decrease in sales is due to changes in mortgage interest rates, which have caused buyers to be more hesitant. Pending sales, which are sales that are under contract but not yet closed, also dropped by 5.2 compared to the previous month.


The median price of homes sold also declined for the second consecutive month, falling by 0.9 nationally compared to the same time last year. This is the largest year-over-year decline since January 2012, according to NAR.


Housing inventory remains limited across the country, with only 980,000 units available for sale in April, which is a 5.4 increase compared to the previous year. However, the number of homes for sale is still lower than the same period in 2019, before the pandemic. The limited inventory continues to impact home sales, and there is strong competition for available properties, especially in certain price ranges. According to NAR, about a third of properties receive multiple offers.


South Palm Beach County Trends


There was a significant decrease in the number of new listings for both single-family homes (27.6) and townhouses/condos (12.6). Pending sales also decreased for single-family homes (5.1) and townhouses/condos (15.7). However, there was an increase in inventory for single-family homes (27.1) and townhouses/condos (95.1).


The median sales price increased for single-family homes (2.6 to $641,000) and townhouses/condos (6.9 to $298,250). The time it takes for a property to go under contract increased significantly for both single-family homes (271.4) and townhouses/condos (177.8). The months' supply of inventory, which measures how long it would take to sell all available homes at the current pace of sales, increased substantially for single-family homes (64.7) and townhouses/condos (169.2).


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.








 


 


 


 


 

 ]]> </description>
    <pubDate>Wed, 24 May 2023 14:21:00 -0400</pubDate>
</item>
<item>
    <guid>https://www.bocaexpert.com/blog/march-2023-real-estate-market-statistics.html</guid>
    <link>https://www.bocaexpert.com/blog/march-2023-real-estate-market-statistics.html</link>
        <author>caesar@bocaexpert.com (Caesar Parisi)</author>
        <title>March 2023 Real Estate Market Statistics</title>
    <description> <![CDATA[ 
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 March 2023. Read on to learn more about the real estate market in South Palm Beach County:


National Trends


According to the National Association of REALTORS® (NAR), existing home sales in the country increased by 14.5 month-over-month, marking the first monthly gain in 12 months and the largest monthly surge since July 2020. The boost in sales activity is attributed to contracts signed earlier in the year, when mortgage rates dropped to the low 6 range, resulting in a surge in homebuyer interest. Pending sales have also continued to improve, rising for the third consecutive month, as we head into spring.


Our Local Market


However, new listings for single-family homes dropped by 14.5, while they increased by 0.6 for townhouse/condo homes. Similarly, pending sales declined by 7.4 for single-family homes and 7.2 for townhouse/condo homes. Inventory saw a significant increase, rising by 51.6 for single-family homes and 115.4 for townhouse/condo homes.


Median sales prices also saw a surge, with a 5.2 increase to $605,000 for single-family homes and an 8.8 increase to $310,000 for townhouse/condo homes. However, median time to contract increased by 285.7 for single-family homes and 287.5 for townhouse/condo homes. The months supply of inventory also increased by 100.0 for single-family homes and 218.2 for townhouse/condo homes.


Despite the surge in sales, limited inventory nationwide may have prevented even higher monthly sales. As of the beginning of March, the current sales pace indicates only 2.6 months' supply of existing homes, which is far below the 4-6 months' supply required for a balanced market. The shortage in inventory is partly due to mortgage interest rates that almost reached 7, before dropping again in recent weeks. The higher rates have put downward pressure on sales prices, resulting in a year-over-year drop in national home prices for the first time in more than a decade, according to NAR, breaking a 131-month streak of annual price increases.


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.


 








 


 


 


 

 ]]> </description>
    <pubDate>Wed, 26 Apr 2023 11:11:00 -0400</pubDate>
</item>
<item>
    <guid>https://www.bocaexpert.com/blog/february-2023-boca-raton-real-estate-market-statistics.html</guid>
    <link>https://www.bocaexpert.com/blog/february-2023-boca-raton-real-estate-market-statistics.html</link>
        <author>caesar@bocaexpert.com (Caesar Parisi)</author>
        <title>February 2023 Boca Raton Real Estate Market Statistics</title>
    <description> <![CDATA[ 
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.


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.









 


 

 ]]> </description>
    <pubDate>Tue, 21 Mar 2023 15:16:00 -0400</pubDate>
</item>
<item>
    <guid>https://www.bocaexpert.com/blog/january-2023-boca-raton-real-estate-market-statistics.html</guid>
    <link>https://www.bocaexpert.com/blog/january-2023-boca-raton-real-estate-market-statistics.html</link>
        <author>caesar@bocaexpert.com (Caesar Parisi)</author>
        <title>January 2023 Boca Raton  Real Estate Market Statistics</title>
    <description> <![CDATA[ 



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 January 2023. Read on to learn more about the real estate market in South Palm Beach County:


The US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5 month-to-month, marking the first increase since May, while sales of existing homes fell 1.5 as of last measure, according to the National Association of Realtors® (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8 last year compared to 2021. New Listings increased 2.1 percent for Single Family homes and 7.5 percent for Townhouse/Condo homes. Pending Sales decreased 19.9 percent for Single Family homes and 26.4 percent for Townhouse/Condo homes. Inventory increased 83.7 percent for Single Family homes and 99.4 percent for Townhouse/Condo homes. Median Sales Price increased 12.5 percent to $610,000 for Single Family homes and 20.0 percent to $300,000 for Townhouse/Condo homes. Median Time to Contract increased 245.5 percent for Single Family homes and 115.4 percent for Townhouse/Condo homes. Months Supply of Inventory increased 153.8 percent for Single Family homes and 183.3 percent for Townhouse/Condo homes. As sales slow, time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.


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.


 









 

 ]]> </description>
    <pubDate>Thu, 23 Feb 2023 14:54:00 -0500</pubDate>
</item>
<item>
    <guid>https://www.bocaexpert.com/blog/year-end-2022-real-estate-market-statistics.html</guid>
    <link>https://www.bocaexpert.com/blog/year-end-2022-real-estate-market-statistics.html</link>
        <author>caesar@bocaexpert.com (Caesar Parisi)</author>
        <title>Year end 2022 Real Estate Market Statistics</title>
    <description> <![CDATA[ 
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 December, as well as for the year end. Read on to learn more about the real estate market in South Palm Beach County:


2022 was a turbulent year for the US housing market, as inflation, soaring interest rates, and elevated sales prices combined to cause a slowdown nationwide. Affordability challenges continue to limit market activity, with pending home sales and existing-home sales down month-over-month and falling 37.8 and 35.4 year-over-year, respectively, according to the National Association of REALTORS® (NAR). Higher mortgage rates are also impacting prospective sellers, many of whom have locked in historically low rates and have chosen to wait until market conditions improve before selling their home.


&quot;There's no doubt inventory has been the keyword in 2022 for South Florida's real estate market Palm Beach County saw an increase of 190.9 year-over-year. With this trend, we are seeing that the market is changing. With growing inventory and new construction rising, buyers undoubtedly have more options,&quot; said Chris Krzemien, President of Broward, Palm Beaches &amp; St. Lucie Realtors®.


In South Palm Beach County, new Listings in December 2022 decreased 17.3 percent for Single Family homes and 6.3 percent for Townhouse/Condo homes as compared to December 2021. Pending Sales decreased 30.2 percent for Single Family homes and 44.6 percent for Townhouse/Condo homes. Inventory increased 75.9 percent for Single Family homes and 70.1 percent for Townhouse/Condo homes. Median Sales Price decreased 1.6 percent to $542,500 for Single Family homes but increased 9.4 percent to $290,000 for Townhouse/Condo homes. Median Time to Contract increased 190.9 percent for Single Family homes and 100.0 percent for Townhouse/Condo homes. Months Supply of Inventory increased 138.5 percent for Single Family homes and 130.8 percent for Townhouse/Condo homes.


Economists predict sales will continue to slow and housing prices will soften in many markets over the next 12 months, with larger price declines projected in more expensive areas. However, national inventory shortages will likely keep prices from dropping too much, as buyer demand continues to outpace supply, which remains limited at 3.3 months, according to NAR. Even if prices fall, many prospective buyers will find it difficult to afford a home in 2023, as higher rates have diminished purchasing power, adding hundreds of dollars to monthly mortgage payments.


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.









 

 ]]> </description>
    <pubDate>Mon, 23 Jan 2023 12:08:00 -0500</pubDate>
</item>
    </channel>
</rss>