PBP RealEstate's video: Boca Raton and Palm Beach County Real Estate Market Update December 2019

Boca Raton and Palm Beach County Real Estate Market Update December 2019 Sales Up Sharply, Inventory and Rates Down – Wow Hello Everyone and thank you for watching. This is Gia with Palm Beach Premier Real Estate here in Boca Raton Florida with your 2-minute local market report for DECEMBER 2019. So here’s a quick take on the numbers that came out from the Realtors Association of the Palm Beaches The message from your team here at Palm Beach Premier Real Estate this month is: The Inventory Shortage Coupled with Low Unemployment and Lower Mortgage Rates Fueling Buyer Demand. So let’s take a closer look at the local internal real estate market numbers…. What we’re seeing is the following: 1. The median sales price of a single family home in Palm Beach County was $364,000 ….. up 5.6% than a year ago. 2. The number of RESALE housing units sold experienced a 15.5% Increase from last year 3. The inventory of homes for sale in Palm Beach County has tightened once again with a large 16% drop in the number of active listings and 4.2 months overall supply of homes (remember that 6 months is considered s balanced market). 4. Trends were a little different in the condo and townhouse market. The typical Palm Beach County condo that sold in December fetched $189,900 also up 5.6% from a year ago 5. Luxury homes are continuing to take significantly longer to sell while demand for entry-level homes remains intense 6. Properties are now taking closer to 43 days to get a contract… a whopping 18.9% quicker than last year for. The luxury end of the market of course is taking far longer - on average taking nearly 6 months for properties greater than $1 million. Now at the same time, against this background of tighter inventories we have a very strong sellers’ market with mortgage rates are at or near historical lows and very low unemployment numbers and accelerating wage growth. Additionally, homebuilders are simply unable to keep pace with the insatiable demand with a recent study indicating that the country is short 3.8 million new homes needed mainly at the lower end of the market to cater to first time homebuyers and a growing number of households. The problem with homebuilders not keeping up with demand is not going to resolve itself anytime soon due to the shortage of buildable lots, accelerating wage and materials costs and a need for more construction workers. Also consider the fact that homeowners are staying in their homes for longer which is also negatively impacting inventory levels. Going forward we will definitely be keeping a continued close watch on prices, interest rates, inventory levels and the number of closed sales. If you’ve been considering buying or selling - Please give us a call for a confidential consultation at 561.395.8418 or email us at Info@PBPrealestate.com - we’re here to help! As always we look forward to speaking with you. Thank you again for watching. We’ll see you next time….  http://www.PalmBeachPremierRealEstate.com