The kids are back in school and fall is nearly here — but before we put the summer months behind us, it’s time to review the newly released market report for July. Along with lots of sunshine and plenty of heat, July brought some significant shifts for our local real estate market.
As always, our Boca Raton real estate experts are here to offer some insight on what the latest Florida Realtors® report means for buyers and sellers in our local area.
Single Family Homes in Palm Beach County
Just like in June, the biggest shifts year-over-year for Palm Beach County’s single family homes market were for median sale price and median days to contract. Though the median sale price rose by 6 percent year-over-year, there was a slight drop month-over-month. This suggests that this market may not be trending toward sellers quite as much as last month. On the other hand, the 14 percent drop in days to contract, coupled with a 9-day reduction month-over-month, is proof that competition is still running high for single family homes. Even with many of the statistics showing a share of power between buyers and sellers, the pressure is on buyers to make qualified offers that stand out.
Townhouses & Condos in Palm Beach County
Those looking for a townhouse or condo in Palm Beach County will be pleased to hear many of July’s statistics point toward more balanced conditions than were seen in June. Most notably, median days to contract grew by 14.6 percent, likely a product of the 5 percent increase in active listings. The month’s supply of inventory was up as well, continuing its climb to a more balanced figure. Overall, the back-and-forth in this market demonstrates that neither buyers nor sellers truly have the upper hand.
As we enter the final weeks of summer in South Florida, our local experts are here to advise you on the market conditions and guide you through the buying and selling process. If you are interested in buying or selling a home in our area, reach out to our Boca Raton real estate today.
Posted by Gloria Singer on