Latest Market News from FL Realtors®

August is always an interesting month for our real estate market. Most children going back to school and families are settling into a new routine. 

Palm Beach County’s August 2017 market report shows a reduction in closed sales from the same time in 2016 – a reduction of 7.9% to be exact. However, closed sales have increased from the July 2017 numbers. 

What does this mean?  Our market is still growing - simply not at the same double-digit rate that we saw last year.  Personally, we at the All About Florida Homes team we believe this is a good thing for our market.  This slowdown protects us against unhealthy growth and an eventual correction. In addition, the number of distressed properties are down and therefore the number of investor and cash sales are down – again a good sign for our market strength.

Inventory continues to vary greatly at different price points.

The $300,000- $399,000 market shows 4.1 months of inventory. As our readers know from our past months' analyses, this indicates a seller’s market.  Homes in this price range still need to be priced properly but should be under contract and closed fairly quickly. Ensure that you listen to the market – If after eight weeks on the market the activity is not strong and you don’t have an offer, it is time to consider a possible price reduction. Of course, there are other factors to consider such as staging, ease of showing, etc.

At the price range of $600,000 to 999,999.00 we see 9 months of inventory. Six to nine months typically indicates a balanced market, so be strategic in your approach to handling offers if your home is on the market in this range.

The inventory at the $1,000,000.00 and above range is almost 18 months. Sellers, be patient and really listen to the market feedback. Showing feedback and pricing feedback are valuable and it's critical that you are open to the information. Allow your Realtor to help you interpret what you hear and adjust your tactics as needed. 

September's market report will be out soon, and the numbers should be interesting, as we will see the effects of Hurricane Irma. Be certain to check back for the September report.

Now is a a great time to email or call the All About Florida Homes team to evaluate your home’s price, position, and marketing plan. It would be our pleasure to help you plan and execute the perfect sales strategy! Contact us today at amyandnoreen@allaboutfloridahomes.com or (561) 571-2289.  Or you can complete our online request for a market analysis of your home.  

 

Monthly Market Detail - August 2017
Single Family Homes - Palm Beach County:

Monthly Market Detail - August 2017
Townhouses and Condos - Palm Beach County:

Palm Beach County Local Market Summary August 2017:

 

Here is the most up-to-date news on the Florida Real Estate Market: