New data suggests that a buyer-friendly market may soon be in reach. 

Hi everybody,  It’s Joe Hillner with Your Home Sold Guaranteed Realty, where we guarantee the sale of your home, or I’LL buy it! 
Ok, so every week, I share market data to keep you informed with the local real estate market.  
Here is this week’s Boca Market Watch.

First, Single Family Homes:

This past week, a  good week with 65 new homes on the market, ranging from $250,000 to $9.95 Million. 20 homes back on the market, while 27 homes listed took a price decrease, and 6 sellers raised their asking price, all still on the low side.  And  a very light week with only 35 different properties under contract, and another 35 going pending, certainly due to the holiday week.  Only 14 homes were unsuccessful in selling and were taken off the market or the listing expired outright, basically nothing.  Just 48 homes were sold in the past week, a very slow week and those sales ranged from $175K to $3.6M. 

Next up, Condos and Townhomes:

Only 69 new listings, very low, and ranging from $68 Grand to $2.6 Million.  
19 units came back on the market, 23 properties with a price decrease, and 7 sellers with an increase, and like single family homes, not very many.  52 different properties went under contract, and just 40 went pending, a down week. And only 19 condos or townhomes were unsuccessful in selling and were taken off the market or the listing expired, still very few!  102 closed sales this week, another good week for condos, and ranging in price from $55 Grand to $4.9 M!

Here's what's making news right now.

Realtor.com’s Weekly Housing Trends report released yesterday says that Buyers may catch a break from the red-hot housing market sometime soon. This fall could bring cooling prices and more inventory it says. Record high prices continue to attract more homeowners to the market. Combined with recent improvements in the overall trend of inventory and the pace of home sales, the market is showing some early signs of relief from this year’s frenzy,” realtor.com Chief Economist Danielle Hale said. 
New listing growth over the past few months has helped slow price growth, giving buyers some room to breathe. And while the number of total active listings was down 39 percent year over year, the decline is shrinking. In fact, according to the analysis,  it marked the 13th consecutive week that saw smaller year-over-year declines.  That's on a national level. Locally, we're seeing a similar trend - our supply of homes is still very low, but it has leveled off for the last 4 months.  It means that those homes being absorbed are being replaced with new listings at about the same rate.  That's potentially good news for buyers.
The typical time a home sits on the market is also showing early signs of relief. According to the analysis, time on the market was 23 days faster for the week ending on July 3 compared to the same time last year. While homes are still flying off the shelves, it marked the third consecutive week the year-over-year gap shrunk. And again in our area, we saw the ADOM in Feb drop in half by April; however, in the last 60 days, its only gone down about 7%, so the rate of decline is definitely slowing down.
According to a July 2 report, Google Trends found that online searches for “Real Estate” fell below 2019 levels for the first time this year, and the number of mortgage purchase applications for the week ending on June 25 fell to the lowest level since May 2020.
But even with these early signs of potential relief, the housing market is still competitive and prices are still high. Per the realtor.com analysis, median listing prices saw a 10.1 percent year-over-year increase, marking the 47th week of consecutive double-digit growth. Wow!
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