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 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 Still Shy of Previous Peaks
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 1.6% versus a year earlier
- SECOND – Median Sales Prices of SFH’s were 6% higher than the same month the prior year – condos/townhouses were only up 1.6% year over year.
- THIRD… A sharp decline in inventory below $300,000 further limiting availability
- FOURTH – A significant increase in new listings between $600,000-$1 million – up 32% over last year
- FINALLY – On a National level - we are seeing a shortage of new housing units being built for the increase in population growth which will only serve to exacerbate the inventory problem.
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……Palm Beach County housing affordability fell to its lowest level in nearly a decade, the National Association of Home Builders said Thursday