THE REAL ESTATE MARKET TURNED UPSIDE DOWN: UNPRECEDENTED TRENDS AND SURPRISING SHIFTS!

Hi everybody, Joe Hillner with Your Home Sold Guaranteed Realty, where we guarantee the sale of your home or I'll buy it!

Every week, I share market data to keep you informed about the local real estate market.

Here is this week’s Boca Market Watch.

Single Family Homes

This past week, 61 new listings, not bad, and ranging in price from $389K to $8.1M! 8 homes back on the market, while 43 homes listed took a price decrease, and 5 sellers raised their asking price. And a poor week, with 41 different properties under contract, and 25 going pending. 23 homes were unsuccessful in selling and were taken off the market or the listing expired outright. And a much better week with 65 homes sold, ranging from $247K to $10.5M!

Condos and Townhomes

82 new listings, pretty good, and ranging from $90 Grand to $3.3 Million! 19 units came back on the market, 64 properties with a price decrease, and 5 sellers with an increase. And a better week with 61 different properties under contract, and 37 going pending! 28 condos or townhomes were unsuccessful in selling and were taken off the market or the listing expired. 87 closed sales this week, also up from last week, and ranging in price from $94K to $1.55M.

Here's what's making news right now

It’s a tale of two markets. We are currently seeing fewer sales than at almost any point in history, which normally would signify that we are in the throes of a buyer’s market with prices on a downward slide.

Ironically, in our area and in a similar situation in many regions across the country, the opposite is true as the lack of sales is not due to an absence of buyers — it’s because sellers have turned off the spigot resulting in a record low number of available homes to purchase. This has prompted the return of multiple offers with the effect that prices are still being pushed higher. It is a weird market for sure.

While the increasing prices are pushing affordability to its extreme limits, there are still plenty of ready and willing buyers in the wings, even with the higher interest rates. This represents a window of opportunity for sellers to reap the benefits of a currently hot market.

But they feel trapped in their home because they don't see anything available that they like and they're sitting on a 3% interest rate on their mortgage. So rather than trade up to the home they really want, they stay put, and in many cases, just redo their home.

As a consequence, the local real estate market is down nearly 40% year over year, which is catastrophic for many agents. I'm happy to report that my phone has never been busier. I just got back from a marketing conference in Anaheim where I received the Quantum Leap Award for doubling my business, not just last year, but two years in a row! That doesn't happen unless you have the right message that resonates with buyers and sellers, and a great team to deliver flawless service. Our goal is to serve twice as many families this year, and if you're already one of our Raving Fans, thank you!