“Supply of Inventory increased 6.3 percent to 5.1 months. Buyers now have more inventory to choose from. Median sale price remained level with a small increase of 0.9 percent year-over-year.
Latest market update for Palm Beach County
Dated: January 2 2019
The latest market update for Palm Beach County (November 2018) indicates prices are slightly up. Closed sales for single family are down a little vs. condo/townhomes which are up compared with the same time last year.
Overall, properties go to contract in about 2 months and sell very close to list price. Okay. The important things to keep in mind in our local market are mentioned perfectly in the Realtor.com article, The 4 Key Trends Home Buyers and Sellers Should Watch in 2018.
Here are a few of the 3 most important for us locally:
Inventory is predicted to go down...we will see
Affordability for everyone will remain strict with rising rates but lots of programs so make sure you have a knowledgeable mortgage rep
New tax law (see our recent blog post with links to everything you need to know: What's "hot" in IRS?? Resources, Links, etc…) - may impact mortgages
Bottom line...if you’re on the fence about selling, get your property listed ASAP. We are at the peak of this year’s Season in Palm Beach County. Buyers should do their homework and partner with a good Realtor; get positioned to act when the time is right.
Bill and Jennifer Sherman are Real Estate Advisors with The Keyes Company. As a father-daughter team, Sherman Group is focused on family, the importance of home ownership, and the power of technology....
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