Your Palm Beach County Real Estate Market Report for June 2016 is in! Let the experts at Copeland & Co. Real Estate break it down for you.
The big story for June 2016 was the median home price – it jumped to $320,000, the highest number we have seen following the real estate market bust almost ten years ago. It’s also one of the biggest jumps we have witness year-over-year. Since January, median home prices have climbed a steady 6.5%, from $284,500.
This trend is in part due to several macro-economic factors – historically low interest rates, steady job growth, and population increases. Locally, however, another factor driving home prices up is the fact that getting approved for a mortgage is easy and cheap, if you’re a qualified buyer.
Does this mean that homes are unaffordable?
Not necessarily. The answer of affordability is a question about availability – the less properties there are available to buy in your price range, the more you are probably going to have to pay to buy one. So it really all depends on your price range. Here are the number of new listings available for the most commonly sought-after price ranges for the month of June 2016:
New listings in the $200,000 – $300,000 price range for single family homes are down an average of about 8.5%, which is normal. However, active listings on the market are up almost 10% year-over-year, so there are still plenty of options available out there.
Not sure how much you can afford to spend on a home?
That’s no problem for the expert and talented Realtors at Copeland & Co. Real Estate to help you answer. A few months ago, we wrote an article about why it pays to work with a mortgage broker. We explain in that article why it’s always our opinion that you consult with a mortgage broker early on in the home buying process, especially if you are a first-time homebuyer.
All in all, closed sales for single-family homes were down in June 2016 for Palm Beach County’s real estate market, and so too were cash deals and aggregate dollar volume. That’s no surprise. It’s the dead of summer, and out of season. The perfect time to buy a home if you’ve been on the sidelines for some time.
Condos and Townhouses
In the condos and townhouse market in Palm Beach County, median sales price has climbed 9% from June 2015 to June 2016, to about $162,000. Further, new inventory and existing inventory is substantially increasing:
- $200,000 – $250,000: 27% increase
- $250,000 – $300,000: 23% increase
- $300,000 – $400,000: 14% increase
Current available inventory in the $200,000 – $250,000 price range is about 30% more than what it was in June 2015. If you’re interested in buying a condo or townhouse, options are out there – you’ve just got to work with a talented Realtor to find them.
As the price range grows, the available inventory of new listings in Palm Beach County shrinks. So now is a great time to buy if you are in the $200,000 to $300,000 range!
Is now a good time to sell your home?
In Palm Beach County, where seasons dictate the rules we play by, conventional wisdom says the dead of summer is generally not the time you want to sell your home. We see that in the numbers, with news listings being cyclically lower this time of year. But all that means is that sellers are subscribing to this flawed presumption.
Let’s challenge that for a second. If there are less sellers putting up new inventory, then you face less competition with other sellers for the same buyers!
Now is a great time to sell, given that it’s still a “seller’s market” with more homebuyers than sellers. If there are more buyers and even less sellers this time of year, you could be putting yourself in the position to stand out to buyers.
For a FREE, no-obligation pricing opinion from one of our talented and expert Realtors, call 561-500-LIST (5478). We will prepare a Comparative Market Report (CMA) for our home and your neighborhood, and present it to you. You’ll know exactly how much we think we could sell your home for right now, and how much you’ll walk away with at the closing table. We can even help you upgrade, downsize, or re-locate!
|SINGLE-FAMILY HOME||JUNE 2016||JUNE 2015||PERCENT CHANGE|
|Median Sales Price||$320,000||$303,000||5.6%|
|Days To Contract||43||58||10.4%|
*Data provided by Realtor’s Association of the Palm Beaches (RAPB)