Monthly Indicators –
NORTH PALM BEACH COUNTY –
February 2020 –
Data courtesy of floridarealtors.org
As we progressed through February, the actual and expected impacts of COVID-19 continued to grow, with concerns of economic impact reaching the stock market in the last week of the month. As the stock market declined, so did mortgage rates, offering a bad news-good news situation. While short term declines in the stock market can sting, borrowers who lock in today’s low rates will benefit significantly in the long term.
New Listings decreased 11.8 percent for Single Family homes but increased 6.6 percent for Townhouse/Condo homes. Pending Sales decreased 14.5 percent for Single Family homes and 5.6 percent for Townhouse/Condo homes. Inventory decreased 25.2 percent for Single Family homes and 14.9 percent for Townhouse/Condo homes.
Median Sales Price increased 9.7 percent to $395,000 for Single Family homes and 2.6 percent to $195,000 for Townhouse/Condo homes. Median Time to Contract decreased 10.9 percent for Single Family homes and 14.3 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 27.4 percent for Single Family homes and 15.0 percent for Townhouse/Condo homes.
The recently released January ShowingTime Showing Index® saw a 20.2 percent year-over-year increase in showing traffic nationwide. All regions of the country were up double digits from the year before, with the Midwest Region up 15.7 percent and the West Region up 34.1 percent. As showing activity is a leading indicator for future home sales, the 2020 housing market is off to a strong start, though it will be important to watch the spread of COVID-19 and its potential impacts to the overall economy in the coming months.
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Jupiter Dream Life Team | The Corcoran Group
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