It’s always a challenge each year to analyze and interpret the real estate market trends for the month of July.
Many families are finishing up vacations and getting kids ready to go back to school. Especially in south Florida, it’s a slower time of the year.
August is typically when thing start to pick back up – There are more real estate listings, more showings and more contracts! Closed sales are very seasonal and summer is typically a less active time for the South Florida market.
With that said, there were a few indicators in July that are important:
- New listings in Palm Beach County are down from the same time (summer) last year – So our inventory is still tight in Palm Beach County and did not improve compared with last year.
- But, interestingly, even with the smaller inventory, median time-to-contract increased. That tells us that homes are still going on market overpriced. So, it is important that the “Closed” sales are really being evaluated with a heavier weight than the “Active.” Active matters, as that is your competition. But if everyone is sitting on market overpriced and not selling, then you aren’t helping your cause to join in at their price point. Recent closed sales are a better indicator, as they show where people are buying.
It is our job as Realtors to show you the reality of the market and to provide real advice about how to get your home sold! Sitting on market is not your friend, and we won’t mince our words about that. 😊
Not much has changed in Palm Beach County over last month at the price points we like to assess:
- The $300-399K range is still a seller’s market.
- The $400K to $999K range is still a balanced market;
- The $1 million +range is still a buyers’ market (as of July’s data anyway!).
For those thinking of selling your home – September is it! Kids are back in school. Parents have more time and are starting their home searches. Season is beginning and buyers are on their way into town to look for second homes
– or planning relocations to our beautiful state!
Contact us at (561) 571-2289 – or via firstname.lastname@example.org – if we can provide you with any additional market data that will help inform your decisions! We are here to help – with no obligation.
Amy Stark Snook & Noreen Payne
All About Florida Homes Team
Keller Williams Realty