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 JULY 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 from the association is: Palm Beach County Prices Remain Strong
So in taking a closer look at the numbers….In a nutshsell – What we’re seeing is the following:
1. FIRST – The Median Price of a Home sold in July was $317,250, down slightly from June …. At the same time…. Still the second highest number since the housing crash
2. SECOND – The Palm Beach County Median home price is up 11% from July 2015
3. THIRD… Sales have slowed …. There were 1,530 closed sales in July, down 15% from the corresponding month last year!
4. FOURTH – It remains a Sellers Market….Sellers are getting a median of 95.1% of their list price … with homes going under contract in 43 days
5. And FINALLY, FIFTH….The inventory squeeze has loosened with 4.8 months supply, up 9.1% from July 2015
So….what we can clearly see from the July data is that while home sellers are continuing to get more of their original asking price at the closing table in July ….
At the same time….we are continuing to see a year over year decline in the number of closed sales for 6 consecutive months as well ….
….what that tells us, is that the marketplace is clearly changing….and a softening of prices is eventually going to occur if these trends continue. And of course….as we mentioned last month…..Prices do represent a lagging indicator.
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 a great time to sell ? …
and for buyers…. The average interest rate for a 30-year fixed rate mortgage remains at near historical lows with an increasing amount of supply now available from which to choose.
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! ?