Speaker 1: It is time for your true real estate nine to
Speaker 1: one one MIDWEK update with your local real estate pro
Speaker 1: Lisa True. One of the biggest questions a lot of
Speaker 1: people have right now what is going on with their
Speaker 1: local real estate market? And the answer, well, a little
Speaker 1: bit of everything. Lisa's got it for us. Tell us
Speaker 1: about it.
Speaker 2: Yes, the answer is really it depends. It depends on
Speaker 2: the type of property and the location of the property.
Speaker 2: Right now, overall, single family homes have seen a five
Speaker 2: point seven percent appreciation year over year. Many are surprised
Speaker 2: with that, but we are seeing inventory continue to increase.
Speaker 2: We're at five point five months now. Town homes and
Speaker 2: condos a little bit different story. Their prices are still holding,
Speaker 2: they're actually up a little one point five percent, but
Speaker 2: their inventory is way up. Nine point seven months of
Speaker 2: inventory for condos and town homes overall in Palm Beach County,
Speaker 2: which is a huge challenge if you own one of
Speaker 2: those types of properties.
Speaker 1: Lisa, we know the state legislature is looking to address
Speaker 1: condo affordability on back of the reforms passed after the
Speaker 1: collapse of Champlain Tower South. How much of what you're
Speaker 1: seeing in the condo market in particular are people that
Speaker 1: are needing to sell due to affordability issues.
Speaker 2: Insurance is a big issue right now for condos for sure,
Speaker 2: but for all of us, and that insurance is really
Speaker 2: a big part of it. And then condos have been
Speaker 2: hit with repair and as well as bringing up their reserves.
Speaker 2: All of those things really needed to happen, but they're
Speaker 2: just being really bombarded in all kind of areas in condos.
Speaker 2: It is a huge challenge, Brian. We also have some
Speaker 2: cities that are doing really well right now. West Palm Beach,
Speaker 2: remember I said five percent overall West Palm Beach last
Speaker 2: month their prices were at thirteen percent in Delray Beach.
Speaker 1: Ten percent buying selling. Just trying to figure this thing
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