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 2019. Read on to learn more about the real estate market in South Palm Beach County:
Although mortgage rates remain low, and the economy is strong, we are still hampered by low inventories and fewer home sales. In Washington there are discussions around a broad overhaul of the housing finance system, including the re-privatization of Fannie Mae and Freddie Mac and reforms to federal agencies involved with financing substantial portions of the mortgages made every year. Many of these policy conversations and eventual changes will take months or years to be implemented and their impact is not yet clear.
Local Market Overview
New Listings decreased 6.5 percent for Single Family homes and 5.2 percent for Townhouse/Condo homes. Pending Sales decreased 12.9 percent for Single Family homes and 21.6 percent for Townhouse/Condo homes. Inventory decreased 14.9 percent for Single Family homes and 7.9 percent for Townhouse/Condo homes. Median Sales Price increased 2.7 percent to $375,000 for Single Family homes and 6.1 percent to $175,000 for Townhouse/Condo homes. Median Time to Contract increased 11.1 percent for Single Family homes and 5.3 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 12.5 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 in selling. Contact me today for a customized look at the latest conditions for the Boca Raton real estate market and beyond.
Posted by Gloria Singer on