Let's take a closer look:
Supply is decreasing, but so is the number of affordable home options.
While a decrease in supply does create demand and thus an increase in prices (Median Sales Price of single family homes increased 7.8% this June as compared to last June), it also eliminates buyers who are unable to afford these prices.
With the tightening inventory, creeping prices and the increase in mortgage rates, the market is clearly seeing a lack of qualified buyers as Days on Market continues to increase. (A market with high demand AND enough qualified buyers would see days on market decrease dramatically.)
With the threat of additional rate hikes, along with a reduced inventory, if you are considering buying, now is the time.
Here is a quick video explaining the current status of our market:
Check out the market stats in detail here:
|SINGLE FAMILY HOMES||JUNE 2017||JUNE 2016||% CHANGE|
|Closed Sales (Paid In Cash)||589||591||-0.3%|
|Median Sale Price||$345,000||$320,000|| 7.8%|
|Median % of Original List Price Received||94.7%||94.9%||-0.2%|
|Median Days to Contract||46||43||7.0%|
|Inventory (Active Listings)||7,030||7,138||-1.5%|
|Months Supply of Inventory||4.7||4.8||-2.1%|
|TOWNHOUSES / CONDOS||JUNE 2017||JUNE 2016||% CHANGE|
|Closed Sales (Paid In Cash)||734||696||5.5%|
|Median Sale Price||$172,500||$161,500||6.8%|
|Median % Original List Price Received||93.3%||93.0%||0.3%|
|Median Days to Contract||60||53||13.2%|
|Inventory (Active Listings)||5,889||5,933||-07%|
|Months Supply of Inventory||5.3||5.3||0.0%|
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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