Number of south county homes for sale downward trend continues

The number of homes for sale – year-over-year – in south Palm Beach County is on a 30-month decline.

That said, there are still plenty of homes to buy.

According to the Realtors of the Palm Beach Beaches and Greater Fort Lauderdale (RAPB+GFLR), the number of available homes to purchased dropped 6.2 percent for its October report – year-over-year for south Palm Beach County. That meant the number of available homes went from 3,675 in 2017, to 3,425 this past October.

It marked the 30th straight month the number of homes for sale has gone down – from the previous year. The last increase was in June of 2016 at 2.2 percent.

In Boca Raton, it’s the same downward trend. Boca’s year-over-year drop was 10.3 percent – 1,314 opportunities in October 2017, compared to 1,179 in 2018.

The RAPB+GFLR report of the downward cycle slowing down, coupled with Palm Beach County’s October unemployment rate dropping to 3.1 percent (3.8 percent in 2017) were positive real estate factors.

And, the RAPB+GFLR writes in it’s monthly report: ‘homebuilder confidence remains positive, home-ownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.’

For more information on home buying/selling/leasing, contact Petruzzelli Real Estate at 561.362.8413 or visit their A1A office at 2325 N. Ocean Blvd. in Boca Raton.