See below for a general market update for Southeast Florida.
We are seeing a shift in the market (see bold text below).
For a few years, we have had a steady seller’s market — inventory has been low, buyers have had great rates on mortgages, and we have seen an influx of baby boomers downsizing and millennials purchasing their first homes. As a result, housing prices have increased and sellers have had the upper hand while buyers have struggled to secure a home.
That’s about to change. Rate increases mean that buyers can secure less home for the same amount of money, and as a natural result, home prices will start to level off a bit.
See the below slideshow for more details. Call me at 561-806-8550 or email me at heather@echofineproperties.com for more information about the changing market and how that will affect you.
Heather E. Towe, Realtor®
CRS®, CLHMS®, e-PRO®, PSA®
Keller Williams Real Estate
561-806-8550
heather.towe@gmail.com
Licensed to Sell Real Estate in Florida
October 2018
If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last three months of the year. A trend of market balance is emerging as we approach the end of 2018. Prices are still rising in most areas, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices.
New Listings increased 5.0 percent for Single Family homes and 3.0 percent for Townhouse/Condo homes. Pending Sales decreased 12.8 percent for Single Family homes and 5.6 percent for Townhouse/Condo homes. Inventory increased 2.0 percent for Single Family homes but decreased 1.8 percent for Townhouse/Condo homes.
Median Sales Price increased 7.9 percent to $340,000 for Single Family homes and 6.3 percent to $170,000 for Townhouse/Condo homes. Median Time to Contract increased 2.9 percent for Single Family homes but decreased 14.0 percent for Townhouse/Condo homes. Months Supply of Inventory increased 2.3 percent for Single Family homes but decreased 7.7 percent for Townhouse/Condo homes.
Stock markets experienced an October setback, but that does not necessarily translate to a decline in the real estate market. The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.