Treu Group Real Estate Weekly Tips 3/5/25

Episode Transcript

Speaker 1 (00:00):
It is time for your true real estate nine to
one one MIDWEK update with your local real estate pro
Lisa True. One of the biggest questions a lot of
people have right now what is going on with their
local real estate market? And the answer, well, a little
bit of everything. Lisa's got it for us. Tell us
about it.

Speaker 2 (00:16):
Yes, the answer is really it depends. It depends on
the type of property and the location of the property.
Right now, overall, single family homes have seen a five
point seven percent appreciation year over year. Many are surprised
with that, but we are seeing inventory continue to increase.
We're at five point five months now. Town homes and

(00:38):
condos a little bit different story. Their prices are still holding,
they're actually up a little one point five percent, but
their inventory is way up. Nine point seven months of
inventory for condos and town homes overall in Palm Beach County,
which is a huge challenge if you own one of

(00:58):
those types of properties.

Speaker 1 (01:00):
Lisa, we know the state legislature is looking to address
condo affordability on back of the reforms passed after the
collapse of Champlain Tower South. How much of what you're
seeing in the condo market in particular are people that
are needing to sell due to affordability issues.

Speaker 2 (01:14):
Insurance is a big issue right now for condos for sure,
but for all of us, and that insurance is really
a big part of it. And then condos have been
hit with repair and as well as bringing up their reserves.
All of those things really needed to happen, but they're
just being really bombarded in all kind of areas in condos.

(01:38):
It is a huge challenge, Brian. We also have some
cities that are doing really well right now. West Palm Beach,
remember I said five percent overall West Palm Beach last
month their prices were at thirteen percent in Delray Beach.

Speaker 1 (01:53):
Ten percent buying selling. Just trying to figure this thing
out called five six one, nine, seven, two eighty three
twenty six. Visit True real Estate nine one one dot
com or just google True group that's t r EU group.