Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in the Palm Beaches. The reports compare year-over-year data for April. Here are statistics on single family homes.
Here’s a look at the Current Palm Beaches Real Estate Market Report in 2020. According to the statistics from the REALTORS® Association of the Palm Beaches (RAPB), closed home sales are down 30.5%, as we end the spring season compared to one year ago.
The Median Sold Price is up 4.3% to $365,000, despite the pandemic. And inventory is down 20.8%. Its a GREAT TIME for Seller’s to put their homes on the market as Tourists return to sunny South Florida and invest in properties this summer.
It’s important to remember that median sale price is our preferred summary statistic for price activity because, unlike average sale price, median sale price is not sensitive to high sales prices for small numbers of homes that may not be characteristic of the market area.
With the reopening of Palm Beach County, the Martin Group anticipates that our market will start to normalize over the coming summer months. Real estate is an essential service, and we will continue to incorporate innovative business practices that allow buyers to browse properties safely during quarantine.
From virtual open houses to virtual showings and everything in between, we have followed and will continue to follow the CDC Guidelines to protect consumers
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During 2020, home prices have continued their rise in the Palm Beaches market. Buyer demand continues to be strong, but sellers have been reluctant to list their properties. Therefore real estate activity is still low in many subdivisions giving buyers fewer choices. Total sales are lower than they would normally be in a more balanced market.
The mortgage rates are also slightly lower as we head into summer. This helps to improve affordability and offsets rising home prices. We will watch to see if existing homeowners are enticed to sell at the current higher home prices. If you are thinking about selling or buying a home, contact the Martin Group for a free real estate consultation at 561-339-1779.
New reports are released around 22nd of each month with previous month’s stats from the MLS of the Realtors® of the Palm Beaches.
April 2020 North Palm Beach County Stat Changes
New Listings decreased 2.6% for Single Family Homes and 0.4% for Condo/Townhouse Homes. Pending Sales decreased 2.2%. Inventory decreased 19.8% for Single Family Homes and 11.3% for Condo/Townhouse Homes.
Median Sales Price remained flat at $375,000 for Single Family Homes, but increased 12.5% to $205,000 for Condo/Townhouse Properties. Months Supply of Inventory decreased 22.8% for Single Family Homes and 11.1% for Condo/Townhouse Homes.A
April 2020 South Palm Beach County Stat Changes
New Listings decreased 16.0% for Single Family Homes and 5.6% for Condo/Townhouse Homes. Pending Sales decreased 0.9%. Inventory decreased 0.9% for Single Family Homes and 7.8% for Condo/Townhouse Homes.
Median Sales Price increased 10.7% to $381,950 for Single Family Homes, but increased 6.4% to $190,000 for Condo/Townhouse Properties. Months Supply of Inventory decreased 24.1% for Single Family Homes and 4.1% for Condo/Townhouse Homes.
May 21, 2020 – In April, economic turmoil caused by the coronavirus pandemic, resulting in business shutdowns and subsequent rising unemployment rates, impacted Florida’s housing market. The latest housing data from Florida Realtors® reported lower levels of closed sales, pending sales, new listings, and other metrics compared to a year ago – except for median sale price, which rose compared to a year ago in April 2019.
“The impact of COVID-19 on Florida, the U.S. and throughout the world was fully realized in April,” said 2020 Florida Realtors President Barry Grooms. “Many businesses shut down as people sheltered in-place to protect themselves and their loved ones, following the governor’s stay-at-home order and recommended health practices. Job losses rose and unemployment claims overtaxed the state’s system. It’s no surprise that many buyers and sellers put their plans on hold for now, because of the pandemic and the current economy.
As South Florida continues to reopen businesses and activities in phases, the Martin Group continues to follow social distancing and health guidelines to protect ourselves and our communities. People still need a place to call home, and as Realtors.we stand ready to help buyers and sellers who need support and guidance in these uncertain times.
Last month’s closed sales of single-family homes statewide dropped 20.7 % compared to one year ago, totaling 21,403 while condo-townhouse sales declined 36.5%, for a total of 7,506. Closed sales may occur from between 30 to 90 plus days after sales contracts are written.
Florida Realtors Chief Economist Dr. Brad O’Connor noted that April’s decline in closed sales was in line with the drop in new pending sales shown in the March data. Meanwhile, median sale price continued to rise in April for both single-family homes and condo-townhouse properties, signaling that home values are generally holding firm – a trend that’s in line with what basic economic theory would predict when there are offsetting declines in both demand and supply, he said.
“Looking ahead to May, all indications are that we will continue to see stable prices, but will see a further decline in closed sales,” O’Connor said. “New pending sales for April were down over 35.1% in the single-family category year-over-year, and they were down 56.6% in the condo and townhouse category. However, the silver lining is the majority of this drop occurred in the first couple weeks of the month. In each week of the second half of April, we saw a drastic improvement in the number of homes going under contract.
“The trajectory of this improvement has been strong enough, that preliminary data points to the possibility that we could see positive year-over-year growth in new pending sales in several markets across the state in May – particularly for single-family homes. What’s more, there’s a lot of current housing market data across the U.S. that points toward this being a national trend.”
For example, over the past four weeks, the Mortgage Bankers Association (MBA) has been reporting robust increases in the number of loan applications submitted for U.S. home purchases, the chief economist noted.
“Another metric that showed improvement over the course of April was new listings,” O’Connor said. “Overall for the month, new listings were down over 27.2% year-over-year in the single-family category, while new listings of condos and townhouses were down 38.5% percent. Again, though, like new pending sales, the pace of new listings was slowest in the first two weeks of April, after which it started to recover. This recovery in the pace of new listings was not as strong as what we saw for new pending sales, though – so we appear to be, for now, in a situation where demand is rebounding a bit faster than supply.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.31% in April 2020, down from the 4.14% averaged during the same month a year earlier.
This professional analysis of your home takes about 24 hours to prepare. We compare your home to similar homes that have recently sold or are currently listed in your area.
You can Request a Detailed Market Report for a specific County, City, Subdivision, or Zip Code. Data is from our Realtors® Association of the Palm Beaches Multiple Listing Service for this month.
This Housing Report includes the Number of Sold Homes, Median Sold Price, Average Sold Price, Days on Market, Buyers or Sellers Market Now, etc.
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