How Did the Wellington Florida Real Estate Market Do in 2019?
What happened in the Wellington Florida real estate market in 2019? The short answer is home sales increased along with the median sales price and days on market decreased. However, below you will find a detailed market report of exactly what to place in 2019 compared to previous years.
Wellington started the year off as a buyer’s market but eventually shifted to a seller’s market. Now, not all neighborhoods in Wellington experienced a buyer’s market or seller’s market, some were stable throughout the year.
Number of Home Sales
Home sales increased, which is a change from the previous year. A total of 1,251 properties sold in Wellington, which is a 3% increase compared to 2018.
Financing Profiles
Buyer profiles changed slightly. Cash buyers accounted for 29% of home sales while the previous year they accounted for 33%. Conventionally financed buyers went from 52% in 2018 up to 57%, which is no surprise with all of the low down payment programs available. FHA financed buyers are up 2%, from 7% in 2018 up to 9%. VA financed buyers are down, back in 2018 they accounted for 4% of the buyers, but now it’s at 2%.
Distressed Sales
Distressed sales remain the exact same. They accounted for 4% both years. In addition to the overall percentage, the percentage of short sales and bank-owned is the same too. 1% were short sales (12 home sales in all) and 3% were bank-owned sales (42 homes in all). Considering 5 short years ago distressed sales accounted for 20% of the home sales in Wellington that is a great improvement.
Median Sales Price
The median sales price in Wellington increased! A 3% increase isn’t bad considering Wellington started the year out as a buyers market. The median sales price for 2018 was $385,000 while in 2019 it increased to $395,000.
Days on Market
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 went down by one day. From 50 days in 2018 to 49 days in 2019.
Wellington Florida 2019 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.
Information provided by Beaches MLS on January 16th, 2020, and deemed reliable, but not guaranteed
About the Author
Top Wellington Realtor, Michelle Gibson, wrote: “How Did the Wellington FL Real Estate Market Do in 2019?”
Michelle has been specializing in residential real estate since 2001 throughout Wellington Florida and the surrounding area. Whether you’re looking to buy, sell, or rent she will guide you through the entire real estate transaction. If you’re ready to put Michelle’s knowledge and expertise to work for you call or e-mail her today.
Areas of service include Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres, and more.
Michelle Gibson of the Hansen Real Estate Group Inc is a full-time REALTOR who has been specializing in Wellington Florida real estate since 2001. This veteran of the real estate industry has expertise in technology, marketing, and social media.