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The latest REAL ESTATE MARKET intel

Todays market is a complex space where opinions are abundant and analysis complex. Bias will influence trends that people want you to see.  In providing you a monthly MARKET REPORT  I aim to take the complex and make it simple for you. This way, when you have a residential real estate decision to make, in Palm Beach County, then you will feel better equipped to make it a SMART decision.

*I’ve provided you all the raw data at the bottom of this summary.

Here are 3 things I see happening in the residential real estate market:

1. The market has been transitioning through a feathery-soft slowdown.  Over the last 8 years we have seen double digit appreciation move to the high single digit appreciation to now we are seeing low (2-4% appreciation) in the last 12 months.  

The market is moving to a consistent steady Eddie market.

Chris Dyer, Broker Eb Stone Realty

2. Watch the rhythms in the market.  Unseen in the summary statistics below are the entire years market rhythms.  You are seeing month over month and year over year.  Great information to see for comparison sake but don’t miss the fact that throughout the year Buyers and Sellers may flip flop on their leverage in negotiating due to their market supply and demand activity or just normal trends in activity around holidays, vacation season, poor weather conditions and election cycles.

Patience will pay off as you ride the cycles.

Chris Dyer, Broker Eb Stone Realty

3. Supply side remains an issue that the market is dealing with.  Well actually, not the market as a whole – let me explain.  On the summary statistics below you will see that we have 4.8 months of inventory for single family homes and 5.1 months for condos and townhomes.  Both of these numbers look to have very little change from this time last year.  If I could take you back a couple years you would see similar statistics as well.  By definition a balanced market has 6 months of housing supply.  So we are still technically in a Sellers market.  But the real story is that we have very low inventory at the affordable price points and are seeing demand well outpace supply in the luxury price points where we are seeing an over supply of inventory and we are leaning towards more of a Buyers market.

I told you the market is a complex space where opinions are abundant and analysis complex. Bias will influence the trends that people want you to see.  In providing you a monthly MARKET REPORT  I aim to take the complex and make it simple for you. Which hopefully I have. When you  have a residential real estate decision to make, in Palm Beach County, I want to be your ‘go to’ adviser, equipping to make it a SMART decision. Just reach out when you’re in need. Chris

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SEPTEMBER MARKET UPDATE

As a Realtor and Broker everywhere I go people ask me… “how’s the market?” Chris Dyer, Broker/Owner Eb Stone Realty

Check out this short video where I share my answer to this question.

Here are some additional nuggets that show the market is healthy in our neck of the woods.

  • July 2018 became the 79th month in a row that saw the Florida median sales prices for condo-townhouse properties and single-family homes rise year-over-year.

This shows our market continues to grow.

  • The median sales price for single-family homes in Florida was found to be $255,000, which is up 6.3% from 2017.

This shows our market is growing at a healthy rate.

  • Condos and townhomes were found to have a median sales price of $180,000, which is up 5.3% on last year.

This shows our market is growing from the bottom up.

  • As of Sept 12, 2018 the avg conforming interest rate is 4.78% compared to August 2017 of 3.86%

This shows our market is steady and stable – less than 5% interest rate is still historically extremely low!

And if you need a heavy hitter to convince you, here’s what Dr. Brad O’Connor, Florida Realtors Chief Economist has to say…

We are continuing to see signs that the low-inventory situation impacting the single-family home market has finally stopped getting worse, though it remains constrained…

Remember, it was the Tortoise not the Hare that won the race – constrained is a good thing.  Slow and steady will ensure a healthy cycle in our market.

Hey… if you found this helpful let me know.  And if you’ve got other questions I can answer – please comment and let me know as well.  Always a pleasure to bring you a piece of “what’s up” in the real estate world.  Chris Dyer, Eb Stone Realty