Here’s our Palm Beach County Real Estate Market Report for July 2016, as explained by our expert and talented Realtors.
The real estate market for single-family homes in July 2016 was a typical one for summer months – aside from the $317,250 median home sale price, the second-highest median price since 2007. Median prices backed down a bit from their 10-year high reached in June 2016, at $320,000.
However, compared with July 2015, the median home price is higher by more than 11% from $285,000, year-over-year.
Home prices continue their historic climb to higher-and-higher figures.
Closed sales slowed this past month, down about 15% compared with July 2015. June typically logs the most transactions, or closed sales, for the entire year, with July logging a close second. June 2016 to July 2015 saw a -3% decrease, year-over-year. But for the twelve-month period between July 2016 and July 2015, the market clocked a -15% decrease in closed sales. Why?
Our speculation is this: the market has been heating up all year. January through May brought in record numbers for home buyers and sellers in Palm Beach County. Buyers are fatigued from all the competition they are facing. Perhaps buyers felt it was time to take a breather, and the summer months offered an opportunity to do so.
Still, June and July are likely to once again turn out to be the two busiest months for home buyers and sellers in Palm Beach County for 2016.
Overall, active listings are strong (and continue to grow), meeting the demand from buyers. The market still strongly favors sellers, with months’ supply of inventory increasing 9% from July 2015 to 4.4.
For Home Buyers
If you are already living in Palm Beach County, and you’ve been waiting for that opportunity to begin your search for a new place to call home, August and September may be your best chance at doing so. That’s because in a few months, our season will start to kick up – and with it, the demand from out-of-state buyers.
First-Time Home Buyers – Get pre-qualified for a loan before you spend even a minute researching homes for sale. A pre-qual lets sellers know you’re a serious buyer, and your offers are much more attractive. In this market, it’s imperative to come to the table prepared.
Investors – For investors looking for cash-flow generating properties, cash sales for July 2016 were way, way down – to the tune of about -25%. That means that if you’re planning to pay in cash, summer is the time to do it. Sellers are expecting the highest and best offer they can receive, even in the $150,000 – $225,000 price range. But if you’re the only cash offer, you’ve got a distinct advantage. Your chances of winning the bid could be increased dramatically when you bring cash to the table.
Call one of our talented Realtors today at 561-500-LIST (5478) to begin the process of buying your next home or investment property.
For Home Sellers
The market is your oyster – for now. How long will the market data remain in your favor? As we move through the year, and summer ends, listings will begin to increase. As listings increase, the seller’s advantage decreases.
The months of August, September, and October may be your golden opportunity to get the highest dollar value achievable for your home. Buyers for your home are out there…it’s only a question of whether you’re ready to sell, and then getting your home in front of qualified, motivated buyers.
If you’ve been thinking of selling you home, invite one of our talented Realtors to offer you a free consultation, in your home. We’ll come prepared with comps, and offer you a professional pricing opinion. We’ll also explain how we market and advertise your home, which most real estate agents do not bother doing. Call 561-500-LIST (5478), and ask to speak with someone about selling your home.
You can also learn more about how we sell your house for top dollar.
|SINGLE-FAMILY HOME||JULY 2016||JULY 2015||PERCENT CHANGE|
|Median Sales Price||$317,250||$285,000||11%|
|Days To Contract||43||47||-9%|
*Data provided by Realtor’s Association of the Palm Beaches (RAPB)