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 JUNE 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: Rising Median Prices
So what does the latest market data indicate about this rise in median prices?
So in taking a closer look at the numbers….In a nutshsell – What we’re seeing is the following:
1. FIRST – Palm Beach county’s median home price has reached a year-to-date high… ………and at the same time,
2. SECOND – Keep in mind that median home prices are traditionally high in June/July ….and
3. THIRD… It’s the rising prices of foreclosure and short sale inventory that is fluctuating our overall median home price…
4. And finally ….FOURTH – Our traditional inventory prices (that is to say – non foreclosure & short sale inventory) that has actually remained relatively unchanged….
So….what we can clearly see from the June data is that home sellers are continuing to get more of their original asking price at the closing table in June compared to sellers of condos and townhomes ….
At the same time….we are continuing to see a year over year decline in the number of closed sales for 5 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 averaged 3.57% in June…. A significant drop from the 3.98% levels just 12-months ago