Over the last week I’ve had several people ask me if the Wellington real estate market is tanking and as a full-time REALTOR working with buyer’s and seller’s I obviously have an opinion, which I will share, but I also wanted to share the “facts” of what has been taking place as well.
First, let’s zoom in and compare July 2016 to July 2017. Back in July 2016 there were only 512 homes for sale in Wellington while as of today there are more than 600 homes currently listed for sale, which is a 22.3% increase in home inventory. Pending sales in 2017 were DOWN 24% in comparison to 2016 along with home sales, which are DOWN 17.3%. While home inventory was up and sales were down the median sales price for the month of July only decreased $1,500.
What was my experience in July? Overall the market seemed slower than July 2016, there were a lot of price reductions and buyer’s had more homes to choose from, but I still encountered multiple offer situations and saw homes going under contract within days of hitting the market.
Now, lets zoom out and compare the first 7 months of 2016 (January thru July) to the first 7 months of 2017. Just like in July homes sales have been down all year, but unlike July the decrease is in the single digits at 6.5%. While July fell flat in terms of property value increasing the overall median sales price is UP 3.5% so far this year.
What has my experience been in 2017? I’ve definitely seen a shift in the Wellington real estate market this year. In previous years Wellington was predominately a Seller’s Market, but so far it has been STABLE MARKET all year, which isn’t surprising based on the increase in home inventory and slight decrease in home sales. However as I mentioned above multiple offers are still common and many price points have remained a seller’s market.
So is the Wellington Florida Real Estate Market Tanking? In my professional opinion the Wellington real estate market has shifted, but it is not tanking. Homes are still selling, on average 109 a month, which is only 5 less a month compared to the overall average of 2016. The amount of short sales and bank owned homes are at an all time low. The median sales price increased from last year, which is a positive sign. Will the median sales price dip a little moving forward? It’s possible if home inventory continues to increase, but right now Wellington remains a stable market and shows no immediate signs of tanking.