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 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!