Hello Everyone and thank you for watching. This is Gia with Palm Beach Premier Real Estate here in Boca Raton Florida with your 2-minutelocal market report for AUGUST 2018.

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

The message from your team here at Palm Beach Premier Real Estate this month is:

Palm Beach County housing market takes a breather

So let’s take a closer look at the internal real estate market numbers…. What we’re seeing is the following:

  1. The median sales price of a single family home in Palm Beach Countyremained flat at $340,000 …..identical to the prior year ….and down slightly from the prices of May, June and Julyof 2018 – with the median price of a home currently at the lowest levels since January 2018!
  2. The number of housing units soldremained relatively the same as last year, but down significantly from monthly sales units earlier this summer.
  3. The inventory of homes for sale in Palm Beach County remains low, with a 4.6-month supply of houses on the market. There were 6,622 houses for sale in August, the same asone year ago.
  4. Trends were a little different in the condo and townhouse market. The typical Palm Beach County condo that sold in August fetched $185,000, up 5.7 percent from a year ago.
  5. Houses priced at $150,000 to $200,000 occupied the hottest spot in Palm Beach County's housing market in August. Properties in that price range found a buyer in a median of just 26 days …with luxury homes continuing to take significantly longer to sell.
  6. Home prices still remain well below record levels. During the housing bubble, the county’s median resale price peaked at $421,500 in November 2005 (a sum that adjusted for inflation equates to $537,852 in today's dollars).

So …as we continue to look for clear trends and market changes….our summary takeaways remain the same

    • A continued shortage of single family home inventory continues to create headwinds for the housing markets – on a national level the supply shortage is chronic
    • Still behind on new construction which is not keeping up with demand adding further pressure.
    • Increasing Interest Rate environment with 30-year mortgage rates reaching 4.65% last week with predictions taking us above 5% in 2019 – representing the highest levels in 10 years … another headwind for the market to absorb.

Going forward we will definitely be keeping a continued close watch on prices, inventory levels and the number of closed sales.
If you’ve been considering taking advantage of the strength in the marketplace – now is agreat time to sellJ …

Please give us a call for a confidential consultation at 561.395.8418 or email us at Info@PBPrealestate.com - we’re here to help! J

As always we look forward to speaking with you. Thank you for watching. We’ll see you next time…. J