PALM BEACH COUNTY REAL ESTATE MARKET REPORTS – September 2018

It’s hard to believe that it has been one year since hurricane Irma battered Florida. As you will recall, many areas were out of commission for several weeks after Irma. For this reason, when we look at September 2018 real estate stats and see what we can learn from them, the year over year results are somewhat skewed.   

So, rather than focusing on year over year, let’s simply talk about the inventory and our current market.  As you will recall from past months’ posts, we use inventory as one indicator of the market. 6-9 months of inventory means a balanced market Less than 6 months of inventory is considered a “seller’s market,” and more than 9 months indicates a “buyer’s market”.  

While, based on these benchmarks, most of our September 2018 results did not shift out of the defined market description since last month (for example, the 400-599K range is still a balanced market), each of the markets analyzed by us did go up by at least one month of additional inventory. So there is some evidence of a shift. Details:

  • The $300,000-399,000 range saw an increase from 4 to 5 months of inventory.  
  • The $400,000-599,000 range saw an increase from 6 to 8 months of inventory.
  • The $600,000-999,999 range saw and increase from 9 to 10 months on inventory.
  • AND, check this out: The $1,000,000+ market jumped from 16 months to 24 months of inventory – WOW!!!

What does this mean for the market? It means we are in a shift.  

Sellers: it IS going to take longer to sell your home. So, staging, curb appeal and price are critical components even just to get buyers through the door.   Choosing the right Realtor to sell your home is even more critical than in the past. The following skills and activities are all imperative to a successful strategy for selling your home:    

  • Ongoing marketing
  • Analysis and tweaking of that marketing strategy
  • Expert review and consideration of showing feedback

Luckily, these are our strengths. The All About Florida Homes team focuses on strategy. We are not afraid to look at the real numbers, and the real feedback. We know that it’s critical to continually analyze and be willing to pivot or double-down when needed.   

For this reason, we are also quite well-known for listing – and selling – homes that were previously on the market but didn’t sell. This is where our skills and experience shine, and we can help you, too!

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 – August 2018

There is no doubt if you talk to any real estate agent in the know in Palm Beach county, they will tell you a market shift has begun.  The market has most definitely slowed…. And yet… some of the numbers would indicate otherwise, so rather than saying a shift, I am going to say we have in a brief pause.

When we look at Florida as a whole, we are starting to see the possibility of a new – and much needed – ‘trend.” This is the second month in which inventory – especially under $400,000 –  has increased! (Yes, you read that right!) This is amazing news for our buyers who have been struggling with the low inventory and higher prices!

As always, Palm Beach county is its own unique market segment, though. Here at home, cash sales are still at a low percentage of total sales but mortgages are closing faster!  There are many new mortgage programs which provides options to our buyers. So, sellers: this is great news for you as well as it increases our pool of potential buyers for your home.  

Interestingly, both the median and average sales prices are down in August as compared to July. But, at the same time, closed sales at price points over $600,000 are up.  My interpretation of this is that we have had far too much inventory on the high end. Homes have been sitting on the market, over-priced for too long.  New listings have been coming on over-priced, too. But now, prices are starting to better align with the reality of the market. Comps should be closely analyzed. We need to be looking at what has actually sold – not what is active on market.  Prices are being reduced on the higher end to be more realistic, and low and behold – they are selling!!!!

Now is a great time to buy or to sell. Just be realistic on listing price, and of course, realistic about the product – your home! Curb appeal matters. Get people into the home and, if it’s priced right, we will be celebrating a contract!

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.

Aug 2018 real estate market Palm Bach County

Aug 2018 real estate market Palm Bach County

Aug 2018 real estate market Palm Bach County

PALM BEACH COUNTY REAL ESTATE MARKET REPORTS – July 2018

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

SUMMER 2018 – PALM BEACH COUNTY REAL ESTATE MARKET REPORTS

Summer is wonderful! It’s time to take vacations with the family, enjoy the summer heat, and take advantage of great summer specials around town.  And, it’s a great time to get your home ready for sale before the school season starts again.

We have good news as we evaluate the June market reports, which were released recently by the Realtors of the Palm Beaches and Greater Fort Lauderdale.

Inventories are still low…however, it does appear that the market maybe stabilizing. Indicators suggest the inventory crisis may not be getting any worse.  It isn’t getting better quite yet, but at least we may start heading in the right direction! The current low inventory does, of course, drive up home prices. But we are optimistic about it normalizing and look forward to the market reports for Palm Beach county for the next quarter. 
 
The market balance has not changed since we last reported these stats to you:

  • In the category of “under $400K,” we still have a seller’s market. If you are selling in this range, your home still needs to be priced properly and staged to sell. But if priced right, your home will go under contract!   



 

  • In the category of $400K up to $999K – it is balanced market. The best practices of good selling and negotiating prevail!

 

  • Over $1,000,000 – Sorry, sellers, it’s still a buyer’s market due to a plethora of inventory – 13 months’ worth in Palm Beach County, to be specific.  Sellers, in this category we must be strategic and patient in the process. Buyers will come but pricing, staging and marketing are very important given the positioning in this market.

 

Watch your neighborhood’s list prices to ensure your home is competitive. Analyze the neighborhood solds, too. Together we will determine the right price to sell, and help you reach your goals.

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. 

 

 

 

APRIL 2018 – PALM BEACH COUNTY REAL ESTATE MARKET REPORTS

Palm Beach County Real Estate Market Reports

The April 2018 Palm Beach County real estate market report is here. The results are in and they are interesting!    

Closed sales and percent of cash sales are both up from March 2018!  And median and average sales price are also up from March – so properties are going under contract faster in April than they were in March and – just as importantly – they are closing faster!  

Unfortunately (for some), inventory as a whole has shrunk since March. This often happens this time of year as many people are planning their summer travel and waiting to sell their homes. But, If you are considering selling your home – now is actually a great time because of this tendency! A reduction in inventory means that buyers have fewer homes to choose from – which typically drives up the price.

Each month, we like to look at the market for homes broken down by price category. Doing this helps our suggestions to be more tailored and relevant to you and your particular situation.

We are adding a new segment to our analysis this month – $400,000 – $599,000. We are adding it for several reasons:


>  This is a very hot price point right now. We have just taken several new listings in this price point and this market segment is experiencing a balanced market!   


>  It is the price point where buyers and seller must work together to find the terms that meet needs of both parties. When the parties and agents work together, we achieve a win/win for all parties!     

This is in contrast to the $300-$399K category, which is currently a sellers’ market once again.

The  $1,000,000+ category is still experiencing a buyers’ market according to the last Palm Beach market results from Florida Realtors.      

Buyer and Sellers: We do want to caution you that while the market in your segment maybe tipped your way – and you do have some leeway on your offer or acceptance – we still need to contend with appraisals, inspections and such.  So our business hats still need to remain on!

The All About Florida Homes Team is very adept at negotiating contracts in any market and any segment – In fact, many of our client testimonials cite this as one of our strongest suits!

Now is a a great time to email or call us 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.

 

MARCH 2018 – PALM BEACH COUNTY REAL ESTATE MARKET REPORTS

March was an interesting month for analyzing our Palm Beach County real estate market report numbers. Looking at the year over year figures (March 2018 to March 2017), Palm Beach County as a whole (not broken down by sales price) was down in these categories: percentage in closed sales,  time to contract, new listings, pending sales and inventory (which was already low).

However, total dollar volume increased almost 12 % overall. We are doing fewer transactions, but at a higher price per transaction – not great news for buyer.

But wait……there was a recent drop in interest rates so buyers… it’s game on! – and we can help you find a home. It may take some creativity in structuring the deal to make it a win/win for all, but it’s totally do-able!

Cash sales are down again so financing is a reality that sellers need to face, so appraisals are a factor and pricing properly is imperative.

Other notables, by price category:
$300-399K – is once again a seller’s market!
$600,000-999,999 – balanced market.
$1,000,000 and above – still a buyers’ market.
The type of market (amount of inventory) as well as the product (your home) are factors when we create your home’s list price strategy.

We are working on a market report detailing the 1st Quarter 2018 – the final results are coming out in the next week or so from Florida Realtors so please stay tuned for our interpretation of the results!

 

 

FEBRUARY 2018 – PALM BEACH COUNTY REAL ESTATE MARKET REPORTS

The Palm Beach County real estate market reports have been released by The Realtors of the Palm Beaches and Greater Ft Lauderdale and by Florida Realtors. Here are our thoughts and analysis of the numbers!

We cannot speak for every Realtor in the area, but we can tell you that the All About Florida Homes Team of Keller Williams Realty is very busy right now with both buyers and sellers.     

With interest rates moving up, buyers are buying! So, what does this mean for sellers? The bottom line is this: Price the listings right and they sell.  

Don’t compare your home or your situation to where everyone else is sitting (possibly overpriced) on the market. Instead, look carefully and critically at your particular situation and develop a selling plan that is specific to you and your home. Let us show you what has SOLD in the area – and lets price it right.

Let us be clear: That doesn’t mean you will leave money on the table. if you price it right in this market, you can get several offers above asking. Talk to the (former) owners of some of our recent listings. We successfully moved their homes above asking- Why? Because we priced it right. People came to see it, loved the home, loved the staging, and “had to have it!”   

Other notables:

>>> We have a balanced market in the $300 – $399K price bracket; … but a buyers’ market $600K+ and $1,000,000+ bracket.

>>> New listings are coming on the market and we are ahead compared to the same time last year.

>>> The median sales price is up and this is the largest gain since last June.

Now with all of that said, it is our opinion that we cannot sustain the current pace of growth. We have a low inventory of affordable housing and an increasing mortgage rate. These are signs that while we expect a strong market to continue, we simply don’t expect it to keep growing month over month.

I know we risk sounding like a broken record here, but it is the truth! If you stage your homes, take professional pictures to attract potential buyers and agents to your home, and then price it correctly, your home WILL sell.  Check out this page of our website – and our Facebook page – to see our activity, and the proof that this strategy is successful!

Of course, whether you are a buyer or a seller, working with the right Realtor is key! The All About Florida Homes Team would love to help you on your journey.

Now is a a great time to email or call us 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.