Let's take a closer look:
What we are seeing is a continued trend of lack of inventory for low and mid-priced homes which is unable meet the demand of first time home buyers.Home prices are also continuing to rise faster than incomes.
In fact, Palm Beach County housing affordability fell to its lowest level in nearly a decade, according to the National Association of Home Builders.
We are also noticing a significant increase in new listings between $600,000-$1 million, which represents a 32% increase over last year.
Basically, affordable housing inventory is tight and hard to come by, while higher end homes are seeing an increase in activity after a long stretch of no growth.
With the threat of additional rate hikes, along with a reduced inventory, if you are considering buying for the first time, sooner is better!
Here is a quick video explaining the current status of our market:
Check out the market stats in detail here:
|SINGLE FAMILY HOMES||JULY 2017||JULY 2016||% CHANGE|
|Closed Sales (Paid In Cash)||475||478||-0.6%|
|Median Sale Price||$336,000||$317,000|| 6.0%|
|Median % of Original List Price Received||95.1%||95.1%||0.0%|
|Median Days to Contract||37||43||-14.0%|
|Inventory (Active Listings)||7,086||6,956||1.9%|
|Months Supply of Inventory||4.8||4.8||0.0%|
|TOWNHOUSES / CONDOS||JULY 2017||JULY 2016||% CHANGE|
|Closed Sales (Paid In Cash)||632||554||14.1%|
|Median Sale Price||$170,000||$167,250||1.6%|
|Median % Original List Price Received||93.3%||93.5%||-0.2%|
|Median Days to Contract||55||48||14.6%|
|Inventory (Active Listings)||5,943||5,659||5.0%|
|Months Supply of Inventory||5.4||5.1||5.9%|
The Palm Beach County market statistics are courtesy of your REALTOR®, a proud member of the Realtors® Association of the Palm Beaches (RAPB). RAPB represents over 14,000 members involved in all aspects of residential and commercial real estate.
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