The All About Florida Homes Team of Keller Williams Realty has been busy all around from our Sellers and Buyers!
July was a great month across Florida as a whole! The pace of existing home sales went up, median sales price went up – it was the best month this year for the State of Florida. Interestingly, Palm Beach County’s results varied from the statewide average results.
Why did Palm Beach vary? A big component of that is that higher end home sales finally moved. Personally, I think it is a combination of price reductions and increased sales. In Palm Beach County the median sales price went down (reminder this is literally the middle number of the list) while the average sales price went up by 11.5%. The average increasing would be a result of more higher end homes.
Finally – we needed this in Palm Beach County!!
Also for Palm Beach County, the median time to contract and median time to sale went up – 49 days for contract and 94 days for sale. Inventory is down (no surprise since July sales were up and new listings down as well). Interestingly cash sales increased as a percentage of total sales – that often helps in the lower end market!
$600,000 and below remains a seller’s market, $600-999,999K a balanced market and $1,000,000+ a buyer’s market – this aspect did not change from last month’s market report.
What does this mean to you as a Seller? For the under $1,000,000 price point this is great news – cash sale probability increased (slightly), inventory is down (slightly) so if you price right and your home “shows” well – it will sell! Over $1,000,000 – please, please heed our consistent advice for many months now (because we have such a high inventory of listings) – please price it right! Do not price on what you need, do not price on what your neighbor tells you your home is worth and do not price solely upon active competition – price on what has SOLD and then fine tune your listing price so you are in the proper place amongst the active competition.
What does this mean to you as a Buyer? Be smart, be strategic and most of all, be prepared and decisive. For the under $1,000,000 price point – don’t bother going to look without a lender pre-approval or a bank account that shows you can pay cash! It is a seller’s market – so you may be in a multiple offer situation or at the very least may need to make a quick decision. For the over $1,000,000 – we know there are homes out there because we have a large inventory – but focus on the homes that are priced properly. We know at times there is the “perfect home” that you “have to have” – but right now there are choices so business hats on!!
Contact us at (561) 571-2289 – or via firstname.lastname@example.org – if we can provide you with any additional market data that will help inform your decisions! We are here to help – with no obligation.