What happened in the Wellington Florida real estate market in 2018? The short answer is home sales decreased again, but the median sales price increased and days on market decreased. However, below you will find a detailed market report of exactly what to place in 2018 compared to previous years.
Wellington started the year off as a stable market, but quickly changed to a buyer’s for a few months and then went back to a stable market. However, many neighborhoods throughout Wellington were still a strong seller’s market the entire year.
Home sales decreased once again. A total of 1,217 properties sold in Wellington, which is a 6% decrease from 2017 and an 11% decrease from 2016.
Buyer profiles were the exact same when it came to cash buyers vs financed buyers, both years were 33% cash buyers and 67% financed buyers. However, financing profiles did slightly change; conventional buyers went from 50% up to 52%, FHA buyers went from 11% down to 7% and “other sales” went from 7% to 8%, this includes VA buyers and owner financed buyers.
Distressed sales continue to fall! In 2018 only 4% of the homes that sold in Wellington were distressed sales, which back in 2017 they accounted for 7%. Of the 4% of distressed sales, 1% were short sales (14 sales) and only 3% were bank-owned sales (31 sales). Considering 4 short years ago distressed sales accounted for 20% of the home sales in Wellington that is a great improvement.
The median sales price in Wellington increased! A 4.5% increase isn’t bad considering Wellington was flip-flopping between a stable market and a buyers market. The median sales price for 2018 was $385,000 while in 2017 it was $368,888.
Days on market improved! It’s not uncommon for days on market (DOM) to start adding up when it isn’t a seller’s market, but this year they actually went down from 63 days in 2017 to 50 days in 2018.
Wellington Florida 2018 Year in Review at a Glance
Stay up to date with Wellington Florida’s Real Estate Trends throughout 2019 by checking out our monthly Wellington real estate reports.
If you are looking to rent, buy or sell your Wellington home in 2019 call me today at 561-333-0446 or e-mail me at Contact(at)WellingtonHomeTeam.com. I will walk you through the entire renting, buying or selling process from start to finish and beyond!
Information provided by Beaches MLS on January 5th, 2019 and deemed reliable, but not guaranteed
— Michelle Gibson (@WellingtonHomez) January 8, 2019
About the Author
The above real estate article “How Did the Wellington Florida Real Estate Market Do in 2018?” was written by Michelle Gibson of Wellington Florida Real Estate. Specializing in residential real estate since 2001 Michelle Gibson is experienced in assisting buyer’s, seller’s, landlord’s, tenant’s and would love to share her knowledge and expertise and guide you through the entire real estate process.
We service the following areas; Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres and more. If you are considering selling your home, we welcome the opportunity to work with you and list your home with a top Realtor in Wellington Florida