The active adult population has exploded in Boynton Beach in the last 8-10 years. Many communities of 500+ homes have been built. As a result of this popularity, the demand increased and prices steadily rose to extreme prices till about 2006. At that point, the homes became unaffordable and undesireable to many prospective buyers. Therefore sales dropped. Now with lower prices, I have noticed an increase in potential buyers. However, it is still a buyers' market.
The market in Boynton Beach has seen an increase in buyer traffic since the first of January. My listings have been shown more frequently and I personally have seen an increase in the number of buyers actively looking for houses. Three of my listings are under contract since January. I have appointments with three buyers who are coming to South Florida in the next month and I receive emails from buyers who see my listings on Realtor.com almost daily.
The real estate maket was white hot here for about three years. Over the last year it has cooled abruptly and considerably. Prices for most properties have adjusted downward and my listings that adjusted properly are selling and those that will in the near future probably will too. I have a crystal ball which is a little cloudy, therefore, I cannot predict how long a property will be on the market. I have had some properties that have recently sold within five to six weeks and others that are 'priced right' that have been languishing for over a year.
The average sold home was on the market over 4 months. Many unsold homes may take longer to sell, because we have over a two year supply of single family homes. Buyer activity has improved, thanks to expectations that the market has bottomed out and concerns that interest rates may increase and mortgages could become more difficult to obtain.