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 MARCH 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: Mortgage Rates Are Down and Supply Levels and Prices Are Up
Per the Realtors® Association of the Palm Beaches the clear message is that:
““… the Mortgage Bankers Association announced that mortgage applications have increased nationwide. They said mortgage rates are down and job markets are strong. Today, March’s Palm Beach County report from Florida Realtors® confirmed that closed home sales involving some type of financing has increased four percent compared to last year……,””
Statewide, Florida’s housing market reported higher median sales prices, more new listings and fewer all-cash closed sales in March.
Interestingly, March marked the 52nd consecutive month of increased median sales prices year over year. The median of course is the mid-point – half the homes sold for more, half for less.
At the same time, all of us here at Palm Beach Premier are watching the increased supply levels very closely as well as the decline in the number of closed unit sales year-over-year
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 8.5 percent to $298,450, and
- Average percent of list price received increased to 95 percent.
Of concern though is a possible sales slowdown with a year-over-year decline of 9.2% in the number of closed sales compared to the corresponding month last year, as well as another uptick in inventory levels.
In the townhouses/condos sector, we saw gains in the following categories year-over-year:
- Average List Price to Sales Price increased to 93.3%
- Median sale price increased 12.9 percent to $155,000.
Interestingly, it looks like more people than ever want to sell. In March, inventory levels rose to 6,539, a 4.9 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