Boca Raton and Palm Beach County Real Estate Market Update

Hello Everyone and thank you for watching. This is Gia with Palm Beach Premier Real Estate here in Boca Raton Florida with your 2-minute local market report for MARCH 2017.

So in taking a closer look at the internal numbers…. What we’re seeing is the following:

FIRST – The SUPPLY of Listings continues to increase with Active Inventory UP another 2%
SECOND – We are now 5.2 months supply of Inventory for SFH’s and 6.0 months for Townhouses & Condos – 6 months supply is generally considered to be a balanced market
THIRD… The number of closed sales in March compared to the prior year showed only a nice improvement – up 10.3% for SFH’s and Up 6.5% for Condos/Townhouses compared to the same month in the prior year
FOURTH – The numbers here in Palm Beach County continue to indicate a market in transition…Once again one of the most surprising statistics to jump out this month is that Sellers are going under contract in approximately 56 days ..if priced correctly of course….
The luxury end of the market continues to soften - the average sales price of the top 10 percent of houses fell 23 percent to $7.2 million. The median sale price was off 29 percent, to $5.8 million. In Delray Beach, the average sales price plunged 38 percent to $2 million and the average price per square foot fell 25 percent to $414. The median sale price was off 12 percent, to $1.7 million.
FINALLY – Rising Interest rates continue to be part of the discussion coming from The Federal Reserve– with the INCREASE in rates that materialized prompting buyers to jump into the market before several further rate increases this year.

More Inventory continues to come to market …
Spring Demand is enticing buyers as well as the threat of additional interest rate increases
And third, a continued softening of the luxury end of the market