Hello Everyone and thank you for watching. This is Gia Freer with Palm Beach Premier Real Estate here in Boca Raton Florida with your local market report for November 2014.
So here’s our quick take on the numbers that just came out ….
The big news is that November Pending Home Sales trumped the Previous Year with a Thirty Percent Surge!
Looking into the numbers in more detail - with the winter holidays upon us, buyers typically tend to focus on family and festivities, and as a result, there is usually more activity on the listing homes side. We saw evidence of this in November inventory levels for single family homes in Palm Beach County. Active listings were up nearly 20 percent and new listings were up nearly 10 percent compared to November 2013, increasing the supply of inventory 9.5% year-over-year. Now sitting at 5.7 months, the inventory level is at a healthy number that should support the higher housing demands anticipated with the New Year.
Interestingly, the statistics also revealed a significant increase in buyer activity with New pending sales surging by 30.3% over the previous year. November closed sales were also up 9.4 % year-over-year with over 1,100 closed sales
For the townhouse and condo market, we also saw momentum year-over-year. New pending sales in the month of November were 5.1 percent higher, and the median sale price was 10.8 percent higher. Most importantly, the months’ supply of inventory climbed 4.2 percent year-over-year, positioning this market towards healthier inventory levels in 2015 and the potential for a higher number in closed sales.
Also, keep in mind that interest rates on a 30-year fixed rate mortgage once again dipped below 4% - which will always stimulate increased demand.
As the Snowbird and Holiday season progresses into 2015, it will be interesting to see if the increased real estate activity that we’ve seen in October and November continues into the New Year.
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 and 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. See you next time….and on behalf of all of us here at Palm Beach Premier Real Estate - have a wonderful holiday with our best wishes for a healthy and happy New Year.