Hello Everyone and thank you for watching. This is Gia with Palm Beach Premier Real Estate here in Boca Raton Florida with your local market report for FEBRUARY 2016.

So here’s a quick take on the numbers that just came out from the Realtors Association of the Palm Beaches

The message this month is that: While County Home Sales Totaled $627 Million in February …the important question is….. Are We Seeing Signs of a Slowdown?"

Per the Realtors® Association of the Palm Beaches the clear message is that:

“In February, dollar volume for Palm Beach County home sales totaled $627.4 million - that's a 16.6% increase year over year. There was heightened demand for homes between $300,000 and $600,000 and above $1 million..”

At the same time, all of us here at Palm Beach Premier are watching the increased supply levels very closely as it relates to demand and prices as well as the US economy. 

Nationally - Lawrence Yun – Chief Economist for the National Association of Realtors recently stated fears over the economy: “Home prices and rents are outpacing wages, and anxiety about the health of the economy are holding back a segment of would-be buyers,” Yun said in a statement.

“Low supply levels and high home prices are further crimping sales. “Finding the right property at an affordable price is burdening many potential buyers,” Yun added.

So, taking a look at the local market statistics for last month:

In the single family homes sector, we saw gains in the following categories year-over-year:

  • Median sale price increased 10.5 percent to $295,000, and
  • Average percent of list price received increased to 94.2 percent.

Of concern though is a possible sales slowdown with a year-over-year decline of 5.1% in the number of closed sales.

In the townhouses/condos sector, we saw gains in the following categories year-over-year:

  • Average List Price to Sales Price increased to 93.5%
  • Median sale price increased 13.2 percent to $144,950.

The multifamily market showed an even greater sales slowdown. In February, there were 913 closed sales of townhomes and condos, down from 972 during February last year — a 6.1 percent decline.

The peak in sales appeared to be last April, when 1,452 sales closed. Since then, it’s been a slow decline, with the lowest dip coming in January, when only 801 sales closed.

The median sales price for condos and townhouses has bounced around, landing at $144,950 in February , a 13.2 percent increase over the same time last year.

But it’s fallen from December, when the median sales price reached $152,500.

Interestingly, it looks like more people than ever want to sell. In February, inventory rose to 6,669, a 5.1 percent increase during the same period last year.

Going forward we definitely will be keeping a close watch on inventory levels to see whether the increased supply will place pressure on prices, at the same time keeping a very close watch on the number of closed sales.

We will of course continue to provide you with regular market updates.

In the interim, if you are thinking of getting your home on the market, or you just want a second opinion of value or have questions, please give us a call here at 561.395.8418 or email us at Info@PBPrealestate.com

As always we look forward to speaking with you.

Thank you for watching.

We’ll see you next time…. J