October Real Estate Update in Palm Beach County
Market Update for Palm Beach County
It is critical to know the latest trend and market update when you are planning on buying or selling your home. Treu Group Real Estate always tracks the changes in the market to help guide you during the time where interest rates continue to rise.
Here are the update in today's market.
The housing market has slowed down as we are approaching the holiday season. We were 29% down from last year's closed sales with median sale price of $570,000, which was up to 14% from last year. Although there are 6.9% decrease of new listings for the month of October, buyers had more options as we were 3.2 months of inventory which was 1.3 months up from last year's supply.
The market inventory has increased, but we are still far behind a neutral market. With the data showing we were below 6 months of inventory, it is still a seller's market and today is still a good time to sell your home as we still have an inventory shortage.
If you are a buyer or a seller, reach out to us to help guide you through the shifting market. We know the right formula and we have strategies to help you win in real estate.