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 SEPTEMBER 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:
Hurricane Irma Slowed Sales BUT Real Estate Prices UP again.
So in taking a closer look at the internal numbers…. What we’re seeing is the following:
- FIRST – Sales units of all property types down sharply due to Hurricane Irma with no closings possible until FEMA had lifted our disaster area status with multiple days lost including the Labor Day holiday making for a very short month indeed. Expect a solid bounce back next month in sales units.
- SECOND – Median Sales Prices of SFH’s were 3% higher in Palm Beach County than the same month the prior year – condos/townhouses were up 8.5% year over year. Broward County was up10%
- THIRD… A continued decline in inventory to 4.7 months supply of SFH’s - That’s a seller’s market.
- Fourth …. A shortage of inventory is creating upward pressure on prices.
- FINALLY –Single-family home prices have now risen for approximately 70 consecutive months.
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 (and faster than incomes).
- If homes are priced properly they sell in days and weeks 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.