Wednesday, February 26, 2025 / by Tov Charm
As we step into 2025, the Palm Beach County real estate market is continuing to evolve. With inventory levels rising and market conditions shifting, buyers and sellers need to understand the latest trends to make informed decisions. Here’s a breakdown of the January 2025 housing market for single-family homes and townhomes/condos.
Single-Family Homes: Steady Growth with Rising Inventory
Key Statistics
Closed Sales: 850 (+4.8% YoY)
Median Sale Price: $650,000 (+5.7% YoY)
Original List Price Received: 93.6% (-0.8% YoY)
Median Days to Contract: 42 days (+10.5% YoY)
Inventory (Active Listings): 6,136 (+25.2% YoY)
Months Supply of Inventory: 5.5 months (+31.0% YoY)
Market Interpretation
The single-family home market remains strong, with steady price growth and more inventory hitting the market. A 5.7% increase in median sale price indicates that demand is holding, but a 31% jump in supply means buyers have more choices than before.
Key Takeaways for Buyers & Sellers:B ...
Read More
tov charm, south florida real estate, boca raton, boca raton real estate, delray beach, delray beach real estate, realestateadvice, real estate investment 2025, u.s. housing market trends
Monday, January 27, 2025 / by Tov Charm
The December 2024 real estate market in Palm Beach County revealed significant trends across single-family homes and townhomes/condos. Here’s a comprehensive analysis of the data, highlighting key changes and their implications for buyers and sellers.
Single-Family Homes
Key Statistics:
Closed Sales: 1,032 (up 6.5% YoY)
Median Sale Price: $622,500 (up 7.3% YoY)
Average Sale Price: $1,066,261 (up 14.6% YoY)
Dollar Volume: $1.1 billion (up 22.1% YoY)
Median Time to Contract: 41 days (up 41.4% YoY)
Months Supply of Inventory: 5.1 months (up 27.5% YoY)
Analysis:
The single-family home market remains competitive, with a notable increase in both median and average sale prices. The rise in inventory (+27.5%) provides more options for buyers, but the extended median time to contract suggests buyers may have more negotiation power compared to last year. However, with closed sales up 6.5%, demand remains robust.
Townhomes and Condos
Key Statistics:
Closed Sales: 654 (down 18s ...
Read More
tov charm, south florida real estate, boca raton, boca raton real estate, delray beach, beachfront properties, delray beach real estate, realestateadvice, florida homes for sale, florida living, real estate in south florida, real estate market fluctuations, real estate tips
Tuesday, October 8, 2024 / by Tov Charm
Hurricanes are a common and powerful force in Florida, with the state experiencing more direct hits than any other in the U.S. It’s important for homeowners and residents to know how to prepare for these storms and minimize potential damage. Here’s what you need to know:
1. Understanding the Hurricane Season and Categories
Hurricane Season: Runs from June 1 to November 30, with the peak occurring between August and October. During this time, the chances of hurricane formation increase significantly, and Florida often finds itself in the projected paths.
Hurricane Categories: Hurricanes are classified based on wind speeds:
Category 1: 74-95 mph winds (some damage)
Category 2: 96-110 mph winds (extensive damage)
Category 3: 111-129 mph winds (devastating damage)
Category 4: 130-156 mph winds (catastrophic damage)
Category 5: 157+ mph winds (catastrophic damage)
Knowing the categories helps you understand the potential impact and prepare accordingly.
2. ...
Read More
florida hurricane preparedness, hidden costs of owning a home, homeowners insurance in florida, homeownership, homeownership costs, realestateadvice, hurricane milton, hurricane preparedness
Monday, September 30, 2024 / by Tov Charm
Owning a home means taking on more expenses than just your monthly mortgage payment. To truly understand the cost of homeownership, it’s important to account for expenses such as property taxes, insurance, maintenance, and utilities. Here’s a breakdown of these hidden costs, with specific insights for homes in Delray Beach, Florida.
1. Property Taxes
In Florida, property taxes generally range from 1.75% to 2% of a home’s assessed value. For a home valued at $500,000 in Delray Beach, you can expect to pay around $8,750 to $10,000 annually. Florida homeowners who qualify for the Homestead Exemption can reduce their taxable value by up to $50,000, and the Save Our Homes cap limits tax increases to 3% per year.
Budgeting Tip: Check your property tax estimate through the Palm Beach County Property Appraiser’s Office to get a clear understanding of what your taxes will be, factoring in any applicable exemptions.
2. Homeowners Insurance
Homeowners insurance ...
Read More
south florida real estate, tov charm, boca raton, boca raton real estate, beachfront properties, delray beach, budgeting for homeownership, buying a home in delray beach, delray beach real estate, florida hurricane preparedness, florida property taxes, hidden costs of owning a home, hoa fees explained, home maintenance tips, homebuyingtips, homeowners insurance in florida, homeownership, homeownership costs, living in palm beach county, realestateadvice, true cost of homeownership
