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 2021. Read on to learn more about the real estate market in South Palm Beach County:
Inventory problems persist as demand continues to far exceed supply of homes for sale. Real estate conditions depend upon both mortgage interest rates, which are slightly higher, and the number of available homes for sale, which continues to be extremely low. Although some first time buyers might be giving up and sitting out the market, the demand amongst high-earners and second home buyers continues to push prices higher.
New Listings decreased 13.1 percent for Single Family homes and 18.2 percent for Townhouse/Condo homes. Pending Sales decreased 18.9 percent for Single Family homes but increased 0.8 percent for Townhouse/Condo homes. Inventory decreased 49.1 percent for Single Family homes and 65.0 percent for Townhouse/Condo homes.
Median Sales Price increased 20.7 percent to $495,000 for Single Family homes and 20.5 percent to $235,000 for Townhouse/Condo homes. Median Time to Contract decreased 50.0 percent for Single Family homes and 63.6 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 58.1 percent for Single Family homes and 75.0 percent for Townhouse/Condo homes.
There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.
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