SELLING YOUR HOME RIGHT: STRATEGIES FOR SUCCESS IN A SHIFTING MARKET

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

I share market data weekly to inform you about the local real estate market.

Here is this week’s Boca Market Watch.

Single Family Homes

This past week, 47 new listings, that's not great, and ranging in price from $450K to $19.25M! And that is worth noting. The top end of the market remains extremely strong. Luxury homes, $10M and up, continue to turn over rapidly. Buyers in that market are much less sensitive to market fluctuations, and since they typically pay cash, interest rates are not a consideration.

Continuing on, probably the worst week I've seen in the years that I've been tracking, with just 30 different properties under contract, and 25 going pending. Awful! Our market activity is down over 30% from a year ago, and dropping! And another terrible week, like last week, with 42 homes sold, ranging from $405K to $3.95M!

Yes, prices are still edging up, due to the imbalance in supply vs demand. But if you're thinking about selling, this is not the market we had last year, and you need to recognize that. No longer can you sell a home before the sign even hits the yard.


Now, property condition matters. Pricing matters. Marketing matters. Get all three right, and your home will sell in no time, and at the maximum the market will deliver. Over price your home and it'll sit there and sit there and sit there. You'll end up dropping the price and getting lowball offers and it will eventually sell, but for less than you would have gotten had you priced it right from the beginning.
 

Condos and Townhomes

84 new listings, that's better, and ranging from $139 Grand to $14.65 Million. And a slightly better week with 48 different properties under contract, and 34 going pending, just awful! Pending sales are a main leading indicator, so that does not presage well for the near future. 54 closed sales this week, just like the last three weeks, and ranging in price from $120K to $3.4M.


Condo sales continue to languish. The total # of transactions are down dramatically, and as inventory creeps up, properties are sitting on the market nearly twice as long as before. We're seeing a softening in prices too. Historically, in Boca, condos are more sensitive to macro economic forces, as opposed to single family homes. Even though the economy hasn't tipped over into a recession, yet, condo sales, or lack thereof, could be the canary in the coal mine.