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 APRIL 2017.
So here’s a quick take on the numbers that came out from the Realtors Association of the Palm Beaches
The message from your team here at Palm Beach Premier Real Estate this month is:
Palm Beach County Real Estate Market is Softening
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% with nearly 14,000 properties for sale in Palm Beach County at the end of April.
- SECOND – We are now 5.1 months supply of Inventory for SFH’s and nearly 6.0 months for Townhouses & Condos – 6 months supply is generally considered to be a balanced market
- THIRD… The number of closed sales in April compared to the prior year was flat for SFH’s and down noticeably for Townhouses/Condos
- FOURTH – The numbers here in Palm Beach County continue to indicate a market in transition with a clear lack of punch.
- The luxury end of the market continues to soften
- FINALLY – Rising Interest rates continue to be part of the discussion coming from The Federal Reserve– with another Fed Funds INCREASE in rates anticipated in June.
So …as we continue to look for clear trends and market changes….here are some summary takeaways
- More Inventory continues to come to market with closed sales flat…
- Buyers are becoming more discriminating as some sellers stubbornly hold on to unrealistic expectations about what their homes are worth.
- The continuing threat of additional interest rate increases raises affordability questions.
- And fourth, a continued softening of the luxury end of the market