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 AUGUST 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:
South Florida Real Estate Prices UP 8% over last year
So in taking a closer look at the internal numbers…. What we’re seeing is the following:
- FIRST – Sales of Single Family Homes was down 7.9% versus a year earlier
- SECOND – Median Sales Prices of SFH’s were 8% higher than the same month the prior year – condos/townhouses were up 9% year over year.
- THIRD… A continued decline in inventory below $300,000 further limiting availability
- Fourth …. A shortage of inventory is creating upward pressure on prices.
- FINALLY – On a local and National level - we are still seeing a shortage of new housing units being built
So …as we continue to look for clear trends and market changes….here are some summary takeaways
- There isn’t enough inventory of low and mid-priced homes to satisfy the demand of first time home buyers…
- Home prices are continuing to rise faster than incomes.
- If homes are priced properly they sell in days rather than months.
- Fourth, a continued lack of new construction units as population growth increases.
- Finally…. A shortage of available listings continues to push prices higher.