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.
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 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 those types of properties.
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.
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. 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.
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.