PALM BEACH COUNTY REAL ESTATE MARKET REPORTS – July 2019

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The All About Florida Homes Team of Keller Williams Realty has been busy all around from our Sellers and Buyers!

July was a great month across Florida as a whole!  The pace of existing home sales went up, median sales price went up – it was the best month this year for the State of Florida.   Interestingly, Palm Beach County’s results varied from the statewide average results.

Why did Palm Beach vary?   A big component of that is that higher end home sales finally moved.  Personally, I think it is a combination of price reductions and increased sales.  In Palm Beach County the median sales price went down (reminder this is literally the middle number of the list) while the average sales price went up by 11.5%.  The average increasing would be a result of more higher end homes.

Finally – we needed this in Palm Beach County!!

Also for Palm Beach County, the median time to contract and median time to sale went up – 49 days for contract and 94 days for sale.  Inventory is down (no surprise since July sales were up and new listings down as well).   Interestingly cash sales increased as a percentage of total sales – that often helps in the lower end market!

$600,000 and below remains a seller’s market, $600-999,999K a balanced market and $1,000,000+ a buyer’s market – this aspect did not change from last month’s market report.

What does this mean to you as a Seller?   For the under $1,000,000 price point this is great news – cash sale probability increased (slightly), inventory is down (slightly) so if you price right and your home “shows” well – it will sell!   Over $1,000,000 – please, please heed our consistent advice for many months now (because we have such a high inventory of listings) – please price it right!  Do not price on what you need, do not price on what your neighbor tells you your home is worth and do not price solely upon active competition – price on what has SOLD and then fine tune your listing price so you are in the proper place amongst the active competition.
What does this mean to you as a Buyer?   Be smart, be strategic and most of all, be prepared and decisive.    For the under $1,000,000 price point – don’t bother going to look without a lender pre-approval or a bank account that shows you can pay cash!  It is a seller’s market – so you may be in a multiple offer situation or at the very least may need to make a quick decision.   For the over $1,000,000 – we know there are homes out there because we have a large inventory – but focus on the homes that are priced properly.   We know at times there is the “perfect home” that you “have to have” – but right now there are choices so business hats on!!

Contact us at (561) 571-2289 – or via amyandnoreen@allaboutfloridahomes.com – if we can provide you with any additional market data that will help inform your decisions! We are here to help – with no obligation.

PALM BEACH COUNTY REAL ESTATE MARKET REPORTS – June 2019

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The All About Florida Homes Team of Keller Williams Realty has been busy all around from our Sellers and Buyers!

The Palm Beach market was slow in the  beginning of 2019, then interest rates dropped once again and wow – the market kicked into high gear.  June was no exception!

While June 2019 numbers are down slightly from June 2018, our numbers are still strong as we analyze year-to-date.  Cash sales as a percentage of total sales was down – 30% of all sales for June.  This is no surprise with money so inexpensive to borrow right now!

Buyers: This means there are fewer cash buyers to compete with your financing.   Ensure you offer the right price as homes are being priced more competitively and accurately in most of the market segments.

We are a balanced market from the $600K to $999,999 market.  Under $600K is a  slight seller’s market – it has remained this way for several  months now.

Over $1,000,000 – still a very strong buyer’s market.

Sellers: There is much more inventory now than just a few months ago.  This is also evident in the fact that June’s median sales price went up while the average  went down.  We have a large percentage of high-end homes in Palm Beach County (we knew that) and the lower-end market is moving much faster than the high-end.

Stage your home, make sure the price is right, and be open/flexible with showings.  Be creative to make a deal work – there are more ways to make contracts work other than simply the asking price!

Contact us at (561) 571-2289 – or via amyandnoreen@allaboutfloridahomes.com – if we can provide you with any additional market data that will help inform your decisions! We are here to help – with no obligation.

PALM BEACH COUNTY REAL ESTATE MARKET REPORTS – May 2019

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The All About Florida Homes Team of Keller Williams Realty has been busy all around from our Sellers and Buyers!

We could have told you the market had picked up before we even analyzed the market report from Florida Realtors.   While the market is behind last year to date – we are finally starting to see traction and the market starting to play catch up.

If you have been reading our market reports monthly,  you will have read (tirelessly I know) my rants about sellers’ and agents’ pricing on active versus sold comps.  Homes can be listed for any amount but what they sell for, and how long it takes, and how many reductions do make a difference.   We are seeing the market price where home sell  – hence the movement in the market.

If you have a good marketing strategy, take pictures strategically to show the attributes of the home, land and community, market to the consumer as well as fellow agents – and analyze the showings, feedback and competition – homes will sell!

The market from $300,000 to $600,000 seems to bounce monthly from a balanced market to a slight buyer or seller market depending upon inventory.  As we always say:

In a balanced market – where you come out of the gate (price, marketing et al) really, really matters.   It is not a race to market – it has to be done right!   

Homes in the $600,000 to $999,999 range remain in a balanced market this month so same rules apply as above.

The $1,000,000+ remains a buyers’ market – there is so much inventory and many are still overpriced.  If you are a seller, it is worth a real analysis of where homes have sold and how you are being marketed – BUT you also need to be patient.  There is a lot of competition, so ensure your home stands out and that you are priced right!

Contact us at (561) 571-2289 – or via amyandnoreen@allaboutfloridahomes.com – if we can provide you with any additional market data that will help inform your decisions! We are here to help – with no obligation.

Palm Beach County Local Market Update for May 2019 Monthly Market Detail May 2019 Townhouses and Condos Monthly Market Detail May 2019 Single Family Homes

PALM BEACH COUNTY REAL ESTATE MARKET REPORTS – April 2019

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In terms of the Palm Beach County real estate market, April has proven to be the best month of 2019! The year-over-year figures of both sales and median price have improved in comparison to the same stats at this time last year.   

This increase and positive direction was seen across most of the state of Florida – and it’s especially pronounced in Palm Beach County.   

Homes are moving once again –but understanding the market in your specific sale or purchase price point is essential.  Our analysis shows:

Homes under $400,000 are in a seller’s market.

So, buyers: you must have your ducks in a row before you walk in to preview a home!   This means being prepared with either proof of funds or a mortgage pre-approval letter, so you can quickly make an offer if you love a home.    

Remember – one mortgage pre-approval is not the same as another. It is critical that the lender with whom you work has gone deep enough into the preapproval process so they can answer the questions of a savvy listing agent.

When serving as listing agents, we always call the lender before we recommend to our sellers to accept a buyer’s finance offer.  Why do we call? We want to understand exactly what the lender has done to be able to issue a pre-approval (e.g. credit report, tax returns) and how strong the buyer is from a lending perspective.  For our buyers, we work with several lender whom we can recommend. These thorough professionals will ensure you are truly ready – and will likely be able to close – before making an offer.

Homes between $400K and $999,999K continue to experience a balanced market.     

This is where salesmanship and professionalism really make a difference. Agent to Agent relationships – and the ability to get the deal done – are even more essential.

The market for homes over $1,000,000 remains a buyer’s market.  

In Palm Beach County we have a larger inventory of homes in this price point – over 14 months of inventory. (Reminder: A balanced market is generally 6 to 9 months of inventory).  

However… (and Sellers, really listen to this!):

When your home is priced properly, and staged and marketed properly, your home WILL sell.  Your selection of a listing agent is critical here. Because an experienced and savvy guide will be essential, but your home can absolutely sell with the right team on board.

 

Contact us at (561) 571-2289 – or via amyandnoreen@allaboutfloridahomes.com – if we can provide you with any additional market data that will help inform your decisions! We are here to help – with no obligation.

 

PALM BEACH COUNTY REAL ESTATE MARKET REPORTS – March 2019

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The Realtors of the Palm Beaches and Greater Fort Lauderdale – and our state-level counterpart Florida Realtors – have released their market reports for March of 2019. Here is our analysis! 



The first notable: Sellers of higher-end homes did in fact get more realistic and reduced their pricing to more appropriate levels – market supporting.  As we predicted, homes started to sell as a result.    

How do we know this?  

First (and the easier factor to spot): the inventory went down in terms of homes over $1,000,000.  

Second: Further data to support this is that the “average sales” for all of Palm Beach County increased at a higher rate than did the median sales price.  This indicates that we had sales of higher-end homes!


Overall, the market analysis for this month indicates a more typical – more stable – market… and we really needed that!   

Buyers need this to know this is a good time to buy – that they are not overpaying – and that the market supports the  pricing in which we are operating.



The $400,000 to $500,000 price point moved from a buyers’ market to a balanced market. All other market segments (from our report last month) stayed about the same.  However, the number of months of inventory improved again – supporting the fact that we are in a more stable environment for all!

 

Contact us at (561) 571-2289 – or via amyandnoreen@allaboutfloridahomes.com – if we can provide you with any additional market data that will help inform your decisions! We are here to help – with no obligation.

 

 

 

PALM BEACH COUNTY REAL ESTATE MARKET REPORTS – January 2019

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January 2019 figures have been released, and WOW!… What a difference in the real estate market stats, as we start out 2019.    

We saw a tremendous jump in inventory, which has significantly increased our supply of homes – and changed the dynamics of the market. It’s official, we are predominately a buyer’s market.    

There is a good trend here.  Sellers, you may not love the shift, but in the long run it is the best thing for our economy – and for all of us in South Florida.    

With inventory rising and closed sales down for the second month in a row, there are many more choices for buyers. The over-abundance of over-priced homes may be impacting the sales growth that our stats show.

Prices are starting to level out – and many agents are finally coming to the realization (we have been telling everyone for months! ?) that they need to adjust their prices to more realistic numbers – so that we can start moving properties again in Palm Beach County.

Several of our clients have asked why closed sales in January are down, in terms of the year-over-year figures. (We have the savviest clients!) Our thoughts, which are also supported by economists reports from Florida Realtors, are that this is due to mortgage interest rates, stock market volatility and the temporary government shut down. All of these occurrences may have impacted our January closed sales. Quite frankly, consumers were focused elsewhere – and with many homes over-priced – they decided to wait!     

All of that said, we guarantee that if you price right, and your listing agent markets your home the right way (versus simply putting it in MLS and praying), then your home will sell. The All About Florida Homes Team put six homes under contract in January – it can be done!

Contact us at (561) 571-2289 – or via amyandnoreen@allaboutfloridahomes.com – if we can provide you with any additional market data that will help inform your decisions! We are here to help – with no obligation.

PALM BEACH COUNTY REAL ESTATE MARKET REPORTS – December 2018

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Analyzing a year-end market report always provides particularly useful information.  Plus, it gets us excited as we move into the next year.

I cannot speak for other agents, but I can share that Noreen and I are excited for all that is in store for 2019 for real estate in Palm Beach County. We attended the Florida Realtors convention in Orlando and were able to hear first hand the legislative and community initiatives that we are Realtors are involved with.  Many will have a direct and positive impact in South Florida.

Regardless of the trends and what we foresee, we are always committed to providing you with unbiased information. In these market reports, we present the facts, and tell you the truth about how we interpret them! We see it as imperative that you be properly equipped with information to make decisions about your real estate goals and plans. Now, onto the December 2018 and the year-end figures!

Inventories in 2018 were low as, we have discussed. But we are now seeing inventories rise and rise quickly – which is great news for Palm Beach county buyers and sellers.

While December figures were up from November by a small percentage, year over year December was down.  This same year-over-year results can be seen across the nation. One of the reasons for this may, of course, be that inventories were down. But, additionally, interest rates have been going up – forcing some buyers to rethink their timing for purchasing.    
So why are inventories rising with all of the above going on? Many are hypothesizing that the low interest loans are coming due for many existing homeowners. So, before they have to obtain a new mortgage (at a higher interest rate), many are getting out and finding their next home.  The logic: If they have to pay a slightly higher rate, they may as well move on to the next home of their choice.

Not much has changed as to the balance of the markets at the various price points.  

– The $300-$399K range is still a sellers’ market.
– The 400K – 599K range is still balanced.
– The $600K – $1 mill+ range remains a buyers’ market.  

Interesting to note: The “over $1 million+” category in Palm Beach County now has over 25 months of inventory. Additionally, time on market to contract in this category is now over 8 months.  

The takeaway for sellers:  It’s critical that you price properly. There are too many high-end homes sitting, overpriced, on the market. If you want to sell, please allow a Realtor (wonderful if it is us!?) to show you the true comps  – look at SOLD versus ACTIVE. Don’t let anyone tell you that you can’t sell your high-end home – You absolutely can with the correct strategy.

Contact us at (561) 571-2289 – or via amyandnoreen@allaboutfloridahomes.com – if we can provide you with any additional market data that will help inform your decisions! We are here to help – with no obligation.

 

PALM BEACH COUNTY REAL ESTATE MARKET REPORTS – October 2018

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We love this time of year! … Assisting buyers to get into new homes before December 31st for homestead…  Working with sellers to find new homes so the buyers can get in by December 31st… ? and of course, enjoying our beautiful Florida winters!
October 2018 provided our market with the second largest year over year growth! Our Palm Beach County marketplace continues to show robust price growth.  There is a however, a BUT…(isn’t there always?)

 

How this growth impacts you really depends on your price point.

 

Here’s what the numbers are telling us right now:

$300-400K market: This is a sellers’ market and does show a strong growth of prices. It will be interesting to see how this segment is impacted as mortgage rates rise in 2019.
(Sellers: important point here – NOW is the time to sell before a rate increase – and while it is still a sellers’ market!)

$400,000-999,999 market: This is now a balanced market.  

$1,000,000 and above:  This remains a buyers’ market – and then some! – with 17 months of inventory (this is a lot).  
So what does this mean? We still have many over-priced homes in the high- end market.  In October, “percent of list price” and “time to contract” were both longer than they were the same time last year!   

We are seeing sales at the high end (especially those listed by the All About Florida Homes team). But, sellers,  you need to be realistic on your price and compare to what has sold – not what is currently listed.  Homes can and are being sold – we are simply dealing with a shift in our market and reality is once again prevailing!

 

If you’re interested in buying – now or in the future – you can search listings here – and start to familiarize yourself with the buying process and the market.

If selling may be in your future – or you’re just curious about what your home is worth today – you can request a no-obligation home value assessment here. 

Or, contact us at (561) 571-2289 – or via amyandnoreen@allaboutfloridahomes.com – if we can provide you with any additional market data that will help inform your decisions! We are here to help!

 

PALM BEACH COUNTY REAL ESTATE MARKET REPORTS – September 2018

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It’s hard to believe that it has been one year since hurricane Irma battered Florida. As you will recall, many areas were out of commission for several weeks after Irma. For this reason, when we look at September 2018 real estate stats and see what we can learn from them, the year over year results are somewhat skewed.   

So, rather than focusing on year over year, let’s simply talk about the inventory and our current market.  As you will recall from past months’ posts, we use inventory as one indicator of the market. 6-9 months of inventory means a balanced market Less than 6 months of inventory is considered a “seller’s market,” and more than 9 months indicates a “buyer’s market”.  

While, based on these benchmarks, most of our September 2018 results did not shift out of the defined market description since last month (for example, the 400-599K range is still a balanced market), each of the markets analyzed by us did go up by at least one month of additional inventory. So there is some evidence of a shift. Details:

  • The $300,000-399,000 range saw an increase from 4 to 5 months of inventory.  
  • The $400,000-599,000 range saw an increase from 6 to 8 months of inventory.
  • The $600,000-999,999 range saw and increase from 9 to 10 months on inventory.
  • AND, check this out: The $1,000,000+ market jumped from 16 months to 24 months of inventory – WOW!!!

What does this mean for the market? It means we are in a shift.  

Sellers: it IS going to take longer to sell your home. So, staging, curb appeal and price are critical components even just to get buyers through the door.   Choosing the right Realtor to sell your home is even more critical than in the past. The following skills and activities are all imperative to a successful strategy for selling your home:    

  • Ongoing marketing
  • Analysis and tweaking of that marketing strategy
  • Expert review and consideration of showing feedback

Luckily, these are our strengths. The All About Florida Homes team focuses on strategy. We are not afraid to look at the real numbers, and the real feedback. We know that it’s critical to continually analyze and be willing to pivot or double-down when needed.   

For this reason, we are also quite well-known for listing – and selling – homes that were previously on the market but didn’t sell. This is where our skills and experience shine, and we can help you, too!

Contact us at (561) 571-2289 – or via amyandnoreen@allaboutfloridahomes.com – if we can provide you with any additional market data that will help inform your decisions! We are here to help – with no obligation.

 

 

PALM BEACH COUNTY REAL ESTATE MARKET REPORTS – August 2018

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There is no doubt if you talk to any real estate agent in the know in Palm Beach county, they will tell you a market shift has begun.  The market has most definitely slowed…. And yet… some of the numbers would indicate otherwise, so rather than saying a shift, I am going to say we have in a brief pause.
When we look at Florida as a whole, we are starting to see the possibility of a new – and much needed – ‘trend.” This is the second month in which inventory – especially under $400,000 –  has increased! (Yes, you read that right!) This is amazing news for our buyers who have been struggling with the low inventory and higher prices!
As always, Palm Beach county is its own unique market segment, though. Here at home, cash sales are still at a low percentage of total sales but mortgages are closing faster!  There are many new mortgage programs which provides options to our buyers. So, sellers: this is great news for you as well as it increases our pool of potential buyers for your home.  

Interestingly, both the median and average sales prices are down in August as compared to July. But, at the same time, closed sales at price points over $600,000 are up.  My interpretation of this is that we have had far too much inventory on the high end. Homes have been sitting on the market, over-priced for too long.  New listings have been coming on over-priced, too. But now, prices are starting to better align with the reality of the market. Comps should be closely analyzed. We need to be looking at what has actually sold – not what is active on market.  Prices are being reduced on the higher end to be more realistic, and low and behold – they are selling!!!!
Now is a great time to buy or to sell. Just be realistic on listing price, and of course, realistic about the product – your home! Curb appeal matters. Get people into the home and, if it’s priced right, we will be celebrating a contract!

Contact us at (561) 571-2289 – or via amyandnoreen@allaboutfloridahomes.com – if we can provide you with any additional market data that will help inform your decisions! We are here to help – with no obligation.

Aug 2018 real estate market Palm Bach County

Aug 2018 real estate market Palm Bach County

Aug 2018 real estate market Palm Bach County