State of the Market - Mid-Year Report

Fall is almost here! Kids are starting back to school and Summer getaways are coming to a close in South Florida as we look forward to cooler weather and the return of our seasonal friends. Soon we will be back to our "in season" norms, with arts venues ramping up, the need for dinner reservations, and more cars on the road. Plus, most important for those who want to buy or sell, increased activity in our real estate market.

We've been talking about the importance of restoring a balanced market for several years now. With triple the number of homes sold during the Covid "lockdown," we are slowly but steadily continuing along the path toward equilibrium in the number of listings and sales. Our market here in South Florida, specifically in key areas like Palm Beach, Palm Beach Gardens and Jupiter in the northern part of the county and Boca and Delray Beach at the southern end, is experiencing a stable climb. Inventory continues to be low, but we characteristically see higher inventory as the season progresses. Overall, median and average sales prices are rising, but we're seeing more offers being accepted at less than the list price and homes on the market lasting slightly longer before acceptance of an offer. This latter statistic is what is giving Buyers hope right now, even with loan rates continuing to go up. For Sellers, prices are rising, though it might take a little longer to sell your home.