Market Report: North Palm Beach County, December 2019

Monthly Indicators –
NORTH PALM BEACH COUNTY –
December 2019 –

Data courtesy of floridarealtors.org

In 2019 home prices were up again in most markets. Buyer demand
continues to be strong but with tepid seller activity still in many locations,
total sales are lower than they would normally be in a more balanced
market. While up from their recent lows a few months ago, mortgage rates
end the year close to three-quarters of a percent lower than a year ago,
helping to improve affordability and offset rising home prices.
New Listings decreased 2.6 percent for Single Family homes and 0.4
percent for Townhouse/Condo homes. Pending Sales decreased 2.2
percent for Single Family homes and 4.0 percent for Townhouse/Condo
homes. Inventory decreased 19.8 percent for Single Family homes and 11.3
percent for Townhouse/Condo homes.

Median Sales Price remained flat at $375,000 for Single Family homes but
increased 12.5 percent to $205,000 for Townhouse/Condo properties.
Median Time to Contract decreased 32.6 percent for Single Family homes
and 18.9 percent for Townhouse/Condo homes. Months Supply of
Inventory decreased 22.8 percent for Single Family homes and 11.1 percent
for Townhouse/Condo homes.

With low mortgage rates, low unemployment, and continued wage growth,
home buyer activity is expected to remain healthy into the new year. New
construction has been on the rise in 2019 and is expected to continue into
2020, but many experts note that the country is still not building enough
new units to quench demand. It remains to be seen whether existing
homeowners will be enticed to sell by higher home prices, which could
finally bring the overall housing market into greater balance.

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