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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 – July 2018

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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 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.


Amy Stark Snook & Noreen Payne
All About Florida Homes Team
Keller Williams Realty
561-571-2289

Palm Beach County Real Estate Market Reports - July 2018