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 just came out from the Realtors Association of the Palm Beaches
The message this month from the association is:
More Inventory For Buyers
So in taking a closer look at the numbers….In a nutshsell – What we’re seeing is the following:
1. FIRST – The SUPPLY of NEW Listings continue to increase and are Up 11% and Active Inventory is Up over 7% with approximately 16% of homes on the market selling each month and 1 out of 10 either expiring off the market or being cancelled….
2. SECOND – We are now over 5 months supply of Inventory for SFH’s and 5.6 months for Townhouses & Condos
3. THIRD… Closed sales were down sharply in July with SFH sales down 9% and Townhouses/Condos down a whopping 16% versus the corresponding period last year. Once again the number of closed sales continues to decline
4. FOURTH – The numbers here in Palm Beach County continue to indicate a market in transition….Sellers are getting a median of 94.8% of their list price … with homes going under contract in 50 days …..if priced correctly of course…..
5. FINALLY – Interest rates have increased with the Federal Reserve also indicating at least 2 more raises to come in 2017
So….what we can clearly see from the July data is that 2 significant factors are taking place here:
1. More Inventory is coming to market
2. And second, prices are likely to trend to downwards
So….while home sellers have been in a somewhat favorable position, the marketplace is clearly changing….and a softening of prices is eventually going to occur if these trends continue…….. And of course….as we have been mentioning for several months now….. Prices do represent a lagging indicator. Higher priced homes are already experiencing this.
Anticipate a continuing transition ahead to a buyers market
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 …
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!
Finally, On behalf of everyone here on the Palm Beach Premier Real Estate Team, we would like to take this opportunity to express our thanks to you and wish you all a happy holiday season and a healthy and propsperous 2017.