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Jeff Lichtenstein teaching Honors Fundamentals of Real Estate.  Jeff was invited to as a guest lecturer at FAU campus in Jupiter Florida.

Jeff taught how to get into real estate, different career paths, pitfalls and milestones in his life, running a brokerage, scaling up growth and took questions from the students.

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Article first appeared: https://www.newpelican.com/articles/2023-real-estate/

By Jeff Lichtenstein | Guest Columnist

The real estate market is a dynamic entity, subject to various factors that influence its trends and patterns. Let’s take a look back at the Broward County real estate market in 2023, analyzing key statistics and trends that paint a comprehensive picture of the current state of affairs.

Median sales price: A steady rise

The median sale price for single-family homes in Broward County experienced a noteworthy increase of 11 percent year-over-year (YOY) in November of 2023, reaching $600,000.

Understanding the significance of the median sales price is crucial for both buyers and sellers. Unlike the average sales price, the median provides a more accurate representation, eliminating the impact of extreme outliers and offering a true middle figure. This increase suggests a healthy and appreciating market, allowing buyers and sellers to make informed decisions.

New listings and active inventory: A balancing act

November of 2023 saw a surge in new listings, with 1,287 single-family homes hitting the market, marking an 11 percent YOY increase. Concurrently, the active inventory decreased by 11 percent YOY. Active inventory is a key metric reflecting the supply and demand dynamics in the market. Currently, the nationwide inventory is low, a trend influenced by factors such as mortgage rates, investor activities, and new construction rates. Understanding these numbers provides valuable insights for those contemplating buying or selling, as it indicates the level of competition in the market.

Pending and closed sales: Unveiling market dynamics

In November of 2023, Broward County witnessed 838 pending sales and 821 closed sales for single-family homes, reflecting a 6 percent YOY decrease. Pending sales, indicating homes under contract but not yet closed, offer a glimpse into the market’s future trajectory. The decline in pending sales could be attributed to various factors, including inventory shortages and economic conditions. Closed sales, on the other hand, reveal the health of the real estate market, serving as a lagging indicator that reflects changes after market conditions evolve.

Days on market: A quick turnaround

The Days on Market (DOM) for single-family homes in Broward County in November of 2023 was 23, showcasing a remarkable 21 percent decrease YOY. This metric measures how quickly homes are selling, providing insights into market health and potential trends. Factors such as lack of inventory, seasonality, and faster overall turnaround contribute to this decrease. For buyers and sellers, understanding DOM is essential in making informed decisions about timing and pricing.

Months of inventory: A buyer’s market?

Months of inventory for single-family homes in Broward County in November of 2023 was 3.5, marking a 17 percent increase YOY. This figure gauges the number of months it would take to sell the current inventory based on current sales conditions. A lower months of inventory figure often signals a seller’s market, while a higher figure indicates a buyer’s market. Understanding this metric helps both buyers and sellers navigate market conditions and adjust their strategies accordingly.

Dollar volume: A comprehensive view

The Dollar Volume for single-family homes in Broward County in November of 2023 was $648.3 million, reflecting a 7 percent increase YOY. This figure encompasses the total sales prices of all sold homes, providing a broad overview of market activity. Changes in Dollar Volume can indicate shifts in demand, supply, or wider economic factors, making it a valuable metric for understanding market dynamics.

Mortgage rates: A crucial factor

Mortgage rates play a pivotal role in shaping the real estate market. In November of 2023, mortgage rates for single-family homes in Broward County were 6.6 percent, marking a 7 percent YOY increase. Understanding the impact of mortgage rates is essential for both buyers and sellers, as it directly influences the cost of homeownership and, consequently, demand and property prices.

The Broward County real estate market in 2023 reflects a dynamic landscape, with rising median prices, fluctuating inventory levels, and changing market dynamics. Whether you’re a buyer or seller, staying informed about these key metrics empowers you to navigate the market with confidence and make strategic decisions. As the new year progresses, keeping an eye on these trends will be crucial for anyone involved in Broward County’s real estate market.

Jeff Lichtenstein is the founder of Echo Fine Properties, a real estate brokerage in Palm Beach Gardens.

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For most businesses, philanthropy is not the primary driver of day-to-day operations. But Echo Fine Properties is offering a different model. Their s10ry is how a simple jar of peanut butter and jelly can build success and offer other businesses a successful 2024 blueprint by giving back.
Echo Fine Properties was already a leader in the real estate wonld, but when Hurricane Ian’s destructive path ripped across Florida that’s when everything at the company changed. Echo Fine Properties President and Founder, Jeff Lichtenstein, felt an urgent need to help.
“We came up with the idea to make peanut butter and jelly sandwiches for the victims,” Lichtenstein recalls. “While seemingly simple, it offered comfort and the calories of a full meal.”
Little did he and his team know, this gesture would tum into a community movement.
That movement was the “PB&J: Coming Together & Stickling Together” campaign, involving agents, organizations, country dubs like Willoughby Golf Club in Stuart and schools across the Treasure Coast and Palm Beach County. Together, they delivered a staggering 25,000 peanut butter and jelly sandwiches to storm victims. But what started as a heartwarming gesture sparked a revolution within Echo itself.
“Suddenly, there was a shared purpose, a collective energy that fueled both our compassion and our efficiency,” Lichtenstein says. “Projects that once deemed daunting were tackled with newfound zeal. This synergy translated directly to Echo’s bottom line, with our sales figures experiencing a noticeable bump.”

The PB&J campaign wasn’t just a one-time gesture; it became a core principle• “scheduled giving”• becoming a cornerstone built into the very foundation of Echo Fine Properties. As agents volunteered their time and resources, building genuine connections with their neighbors, the brand’s reputation blossomed.
“People saw our authenticity. our genuine desire to contribute,” Lichtenstein explains. “That trust translated into leads, partnerships, and a loyal clientele.”
This commitment to community bore tangible fruit. Echo Fine Properties opened a title company and expanded to a new brick-and-mortar office in downtown Stuart. solidifying their local presence. Their team grew by 20 passionate new employees, all united by the PB&J spirit – and even their profit margins saw a significant boost_
“The campaign ushered in a surge of enhanced creativity, communication, and vibrant collaboration.” says Lichtenstein. “The growth reaffirms the age• old adage that positive begets positively.”
Lichtenstein also believes “All businesses. big and small, need to remember that philanthropy isn’t a cost. it’s an investment that fosters positive cultures, builds strong communities, and ultimately, achieves sustainable growth.”
Lichtenstein captured his “Peanut Butter and Jelly Strategy” in a business guide and workbook, “How Making a Sandwich Can Change Your World.” It’s available on Amazon and a portion of the book’s proceeds support the Gladiolus Food Pantry in Fort Myers.
So as we start the new year, remember that the PB&J campaign wasn’t just about delivering sandwiches; it was about forging bonds, fostering trust. and igniting a shared spirit that propelled Echo’s team, clients, and ultimately, their business.
“It’s through these connections, fueled by compassion and a commitment to giving back. that we all truly flourish,” Lichtenstein says. “When you invest in the well-being of your community. you invest in the soul of your own success.”

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Interesting things are happening locally! Here to break it down is Jeff Lichtenstein of Echo Fine Properties. Bottom line, what is going on with the market right now?

“Well right now the market is treading water. Locally in Palm Beach County in the last year closings were down 8% but prices are holding steady at around 2.7%. The same is happening around the country – it’s just at a stalemate right now. Real Estate transactions nationwide in 2023 were at a 28 year low. And there was 27% less population then. But interest rates are starting to fall. They were 8% in October and as of today they are at 6.69%. Once it gets below 6% we think we are going to see a ton of activity. If you’re buying right now, it means that there’s a lot of opportunity and you have a lot more choice. You have much more negotiation power. On the sell side you have to get your act together – stage your house correctly, market it right, and price it right.”

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Article First Appeared: https://www.cbsnews.com/news/how-far-mortgage-rates-fall-2024-what-experts-think/

At the end of 2023, with inflation easing, the Federal Reserve hinted that it would start cutting interest rates in 2024. Projections from the Fed’s December meeting forecasted the federal funds rate to fall to 4.6% — that’s down from the current target range of 5.25%-5.5%. The Fed’s actions and comments prompted mortgage interest rates to start falling to close out the year, and there could be room for further mortgage rate decreases in 2024.

However, many experts have a relatively subdued mortgage rate forecast for 2024. If rates do fall more, many experts predict a small change, based on current data, especially after the latest inflation report showed an uptick last month.

How far will mortgage rates fall in 2024?

Over the past few months, many experts predicted that mortgage rates would fall in 2024. But to some extent, that mortgage market got a head start, with rates falling in December 2023 following the Fed meeting.

“Mortgage rates are already in a better place than they were in Q4 of 2023. The average 30-year rate is around 6.5% again which is welcome news, especially since they were hovering close to 8% in October,” says Bess Freedman, CEO at real estate company Brown Harris Stevens.

To some, this movement means that mortgage rates don’t have much more room to fall in 2024.

“I don’t think rates will fall much more for most of the year. We had a steep decline at the end of last year, which will probably stay stable from this point forward,” says Michael Gevurtz, CEO of Bluebird Lending.

Others, however, expect rates to decline further. Based on what the Fed has indicated, Freedman anticipates mortgage rates will drop again this year, “but nothing drastic — perhaps another 1% or so by the end of 2024,” she adds.

Similarly, Jeff Lichtenstein, founder of Echo Fine Properties, expects mortgage rates to fall slightly this year as the Fed cuts rates. For 30-year fixed-rate mortgages, “the target that we see is approximately 5.5%,” he says.

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Article first appeared: https://palmbeachpost.com/story/business/names-faces/2024/01/15/best-businesses-professionals-business-people-in-palm-beach-county/71968941007/

In our weekly list of business people on the move, we highlight Palm Beach County professionals who are making a difference. These are people from across the spectrum of public and private endeavors, those working in charities, court houses, private practices and beyond. They are moving up within their industry, advancing their careers and standing out for their services within our community.

Here are this week’s professional standouts:

Gumbo Limbo Coastal Stewards adds science officer

Harrison M. Albert recently joined Gumbo Limbo Coastal Stewards as a science and education officer. Albert will oversee all the group’s science and education initiatives in this role as well as assisting with the organization’s fundraising and grant writing operations. He is a marine scientist with 10 years of experience. Albert holds a Ph.D. in conservation science, a master’s in marine biology and ecology and a bachelor’s in marine affairs from the University of Miami Rosenstiel School of Marine & Atmospheric Science.

Dr. Harrison M. Albert

CONTRIBUTED

Nonprofits First adds two board members

Nonprofits First has appointed Kenneth Rehns, partner at Ward Damon and director of its litigation group, and Alpesh Patel, owner of eSANGHE, to its board of directors. Rehns focuses primarily on business and commercial law, labor and employment litigation, real estate disputes, securities litigation, and complex commercial litigation. Patel is now leveraging his experience and tapping his passion for diversity, equity, inclusion, and belonging, serving clients, causes and community with creative problem-solving to develop practical solutions. Since 2005, West Palm Beach-based Nonprofits First has been an important resource for strengthening the administrative and operational capacity of nonprofit organizations in the community.

Kenneth Rehns

CONTRIBUTED

Alpesh Patel

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Jupiter property management firm earns accreditation

At Your Service Jupiter recently earned accreditation from the National Home Watch Association for the fifth year. The NHWA was formed in 2009 in order to establish and maintain the highest industry standards for home watch and absentee homeowner services throughout the United States and Canada. Owner David Bates has built his business on integrity and by word of mouth. At Your Service Jupiter watches more than 100 homes (and counting) in the area. At Your Service Jupiter serves Jupiter, Jupiter Island, and Palm Beach Gardens.

David Bates

JIM MANDEVILLE

PBG real estate firm promotes two

Echo Fine Properties has promoted two of its employees. Andrew Seifter has been promoted to sales manager. He will be responsible for training and recruiting and becomes upper management at the firm. Sara Morey has been promoted to general manager. She will be helping launch the new Stuart office. Echo Fine Properties is a real estate firm located in Palm Beach Gardens.

Andrew Seifter

CONTRIBUTED

Sara Morey

CONTRIBUTED

Adopt-A-Family names chair, adds board members

Adopt-A-Family of the Palm Beaches announces that its longtime volunteer, John Elder, has assumed the position of board chair. In his professional role, Elder is managing director of global compliance and reporting with accounting firm Ernst & Young. Elder uses this skillset to benefit families served by Adopt-A-Family, working to change the trajectory of their lives and breaking cycles of homelessness. Also joining the board of directors are Stephanie Gitlin, an attorney at Halloran Sage, and Takelia Hay, a longtime employee of the School District of Palm Beach County, both committing as agency board members for three-year terms. Chris Oberlink was unanimously elected as the board’s first Lifetime Emeritus Director, honoring her dedication and nearly 30 years of service to Adopt-A-Family.

John Elder

CONTRIBUTED

Stephanie Gitlin

CONTRIBUTED

Takelia Hay

CONTRIBUTED

Chris Oberlink

CONTRIBUTED

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What’s supposed to alleviate problems for consumers is now causing headaches. insurance premiums are soaring across the country, costing drivers and home buyers thousands per year and in some cases, 30 to 40% annual increases.

So i want to start with car insurance. rates are more expensive than ever. they’re projected to be up 30.4% as of December. but in certain states, those numbers can jump even more. California, for example, just approved hikes up to 40% for various providers going into 2024.

Now, hikes can be just as high for home insurance. 9% is the national average, but a number of states like North Carolina and California are seeing increases over 40%. I want to look at Florida though in particular, because that really demonstrates the burden to consumers. If you’ve got a $300,000 home, Floridians pay on average $9,079 annually, that is more than five times the national average.

And so we spoke to insurance companies, and they say that more accidents, more weather events are forcing them to hike these insurance rates. We spoke to a Florida realtor who says inflation of underlying assets is a big driver. Jeff Lichtenstein of Echo Fine Properties says: “citizens, five years ago was something that really was the last resort where right now it’s writing 90% of the policies, from the people I talked to. It’s affecting people more at the lower end of the spectrum who are getting into it.” Now it’s hard to imagine, but the consumers who get those high rates may actually be the lucky ones.

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Article First Appeared: https://eu.palmbeachpost.com/story/news/local/2024/01/11/economic-studies-rank-south-florida-counties-in-top-5-for-income-gained/72160189007/

Palm Beach County’s riches hit a milestone in the early chaotic years of the pandemic with more affluence flowing in than any other county in the nation as wealth migrated in vast sums to the Sunshine State, according to a recent analysis of IRS data.

Based on tax return information from 2020-2021, the Washington D.C.-based Economic Information Group found Palm Beach County had a net gain in adjusted gross income of $7 billion, eclipsing runner-up Miami-Dade County’s $6.4 billion and third-place Collier County’s $4 billion.

Other counties ranking in the top 10 for net income gain included Clark County, Nevada, Lee and Sarasota counties in Florida, Arizona’s Maricopa County, the Texas counties of Travis and Denton, and Suffolk County, New York.

Benjamin Glasner, an associate economist for the Economic Information Group and author of the income report released in October, said he wasn’t surprised so many Florida counties ranked high on the list, considering the state overall was the highest nationwide with a net gain of $39.2 billion.

This is the first time EIG looked at the IRS data in terms of wealth migration. Glasner said that traditionally, jobs and salaries stay within a state even if people relocate to another state, say, to take another job.

“That’s why this data is so interesting because we saw a lot of people changing their work location without changing their job,” Glasner said. “There has always been a large amount of movement out of Northeast cities, but it became huge during the pandemic.”

The south-facing side of 360 Rosemary Avenue is seen on Wednesday, December 21, 2022, in downtown West Palm Beach, FL.

ANDRES LEIVA, ANDRES LEIVA/PALM BEACH POST

Realtor Steve Simpson began noticing signs of a wealth avalanche as early as the spring of 2020. Offers from would-be homebuyers started coming in where the sales price column was purposely left blank for the seller to fill in, he said.

All-cash deals far above asking price with no inspections or contingencies became the norm. The buying free-for-all has since settled, but Simpson said changes in the real estate market are permanent.

“Sleepy little West Palm Beach is a bygone era,” he said.

The largest contributor to the gain in Florida’s net income was New York, which lost $9.8 billion to the Sunshine State, according to the EIG analysis. New York was also the largest feeder to Palm Beach County at $1.06 billion.

Texas trailed Florida with a net gain of $10 billion. Nevada had the third-highest net gain at $4.6 billion.

States that lost the most net income were California (-$29 billion), New York (-$24 billion) and Illinois (-10 billion).

While the influx of wealth may seem sudden, Business Development Board of Palm Beach County President and CEO Kelly Smallridge said it’s been building since at least 2006. That’s when the board began specifically marketing to affluent people who owned second homes in high-end communities, with the idea that they could relocate their companies here.

Business Development Board of Palm Beach County President and CEO, Kelly Smallridge speaks during the Chamber of Commerce of the Palm Beaches February breakfast at … Show more

GREG LOVETT, GREG LOVETT

It was working, slowly, Smallridge said. Then the pandemic hit. In 2021 three companies in a row — Goldman Sachs, Millennium Management and Point 72 Asset Management — chose to open offices in West Palm Beach.

Smallridge said she knew then that the floodgates had opened.

“When the big reputable titans of the industry selected Palm Beach County, a lot of people in Manhattan said, ‘I better take a look at why companies are moving there,’ and they just came in and started buying homes left and right,” Smallridge said. “You’d think the catalyst would have been a tax incentive. I never thought a pandemic would bring people here to shelter and it would turn into a business opportunity.”

But it makes sense, she said.

Executives can fly out of Palm Beach International Airport in the morning to New York, Connecticut and Boston, and be home by dinner. Brightline shuttles them to Miami in style. New high-end office space — already built and under construction — caters to firms accustomed to the best, and whose employees no longer have to hire a driver or ride the subway into Manhattan.

There’s no snow and no personal income tax.

“The stars aligned with all of the assets a CEO would be looking for,” Smallridge said. “It’s been the biggest wave of Wall Street companies we have ever seen.”

History of West Palm Beach’s CityPlace, now called Rosemary Square

After a renovation, CityPlace in West Palm Beach was rebranded as “Rosemary Square.” Take a look at the development and events of CityPlace since the late 1990s.

The EIG study wasn’t the only one to note the swell of monied people to Palm Beach County following the COVID-19 outbreak.

Last year, West Palm Beach and Palm Beach were ranked second in the top 5 fastest growing cities in the country for the number of new millionaire residents by Henley & Partners, which studies wealth migration trends internationally. Austin, Texas, ranked in the top spot.

The two municipalities combined had a 90% increase in high-net-worth individuals — those who can invest $1 million or more — to 9,400 people from 2012 to 2022. That includes 64 so-called “centimillionaires,” who have $100 million or more of investible wealth, and six billionaires.

“People realized during the pandemic that they don’t need to go to the office and they were like, ‘Screw it, I’m making some changes,’ ” said Jeff Lichtenstein, president of Palm Beach Gardens-based Echo Fine Properties.

But Lichtenstein said the pandemic-triggered onslaught was preceded by a handful of events in the past couple of decades that also raised Palm Beach County’s cachet. CityPlace, now The Square, in West Palm Beach opening in 2000 was one notable boon. Others included adding golf superstar Tiger Woods and basketball great Michael Jordan to its list of celebrity residents, he said.

And then there’s the weather.

Lichtenstein is traveling to Chicago when a winter storm is forecast to dump snow and send temperatures plummeting to as low as -5 degrees overnight.

“Waiting outside for an Uber with the wind chills? I could die,” he said. “Why would I want to live like that?”

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Article first appeared: https://eu.palmbeachpost.com/story/news/local/2023/12/22/home-prices-in-palm-beach-county-climb-amid-dip-in-mortgage-interest-rates/71957229007/

Palm Beach County buyers looking for an existing single-family home had more to choose from last month than at any time in at least two years, with active listings and months’ supply doubling and tripling compared to what was available during the same period in 2021.

A report released Wednesday, Dec. 20, by the Broward, Palm Beaches and St. Lucie Realtors group found there were nearly 4,600 active listings on the market last month, which is more than double the amount in November 2021 and 6% higher than last year.

The months’ supply of inventory was also up last month to 3.9 months, which is more than three times higher what it was two years ago and 18% higher than in 2022.

Yet, despite the cornucopia of houses for sale, the number of closed deals dropped to its lowest total since January with just 914 sales completed in an environment where prices continued to rise.

The median single-family home sales price in November hit $600,000. That’s a 6% increase in cost from November of last year, but down from the record high of $625,000 set in June.

Some Realtors see the slower sales as a reflection of temporary postponement of pent-up demand purchasing as buyers wait for mortgage interest rates and home prices to drop in a Florida housing market beset with ballooning insurance costs.

“We’ve now had about two years of where the market has slowed, and there is a buildup of tension and energy that is going to explode,” said Jeff Lichtenstein, president of Palm Beach Gardens-based Echo Fine Properties. “What I keep hearing is when we get to around a 5% interest rate, home prices will jump 10 to 20%.”

Icon Marina Village opens on West Palm Beach waterfront

The waterfront Icon Marina Village is the first rental development on West Palm Beach’s waterfront in decades.

It’s a conundrum for some buyers, Lichtenstein said. He’s working with a buyer who has been waiting for sale prices to come down from pandemic-era peaks only to now be faced with higher prices and higher interest rates. The median sale price in November 2021 was $510,000. That’s $90,000 less than last month’s price.

“My prediction for the upcoming year is the pause in the market will end, and there will be a scramble to buy homes,” Lichtenstein said.

A 30-year fixed mortgage had an interest rate of 6.95% in mid-December, according to Freddie Mac. That’s down from 7.79% in late October, but still more than double the 3.05% at the same time in December 2021.

Federal Reserve officials this month left interest rates unchanged and said they did not expect to raise rates again as the run-up over the past two years has helped to slow inflation.

A New York Times story from Dec. 13 said that borrowing costs could be cut three times next year and lowered to 4.6% by the end of 2024, according to federal policy makers.

“I have people waiting to make offers right now because they’re not sure what’s going to happen next,” said Realtor Don Moore, who works with his daughter Keisha Moore at Compass real estate. “It’s not a buyer’s market right now, and some people think it will decline next year, so they are not as eager.”

Despite the increase in supply to 3.9 months, it’s still a seller’s market. A balanced market where neither the buyer or seller has the advantage is considered a 5.5 to six months’ supply.

But Moore also sees a widening gap between high-end sales and those to average buyers. People who can afford to pay cash — 46% of single-family home buyers paid cash in November — don’t have to worry about interest rates or insurance, which is needed to get a mortgage.

“It’s nice to have the luxury of having a free and clear house,” Moore said.

Florida homeowners pay an average insurance premium of $6,000, which is more than three times the nationwide average insurance premium of $1,700, according to the Insurance Information Institute. Also, the institute says Florida’s average premium has increased by a cumulative 102% over the past three years. It projects an average statewide increase of 40% or more in 2023.

Still, Florida’s population continues to grow.

Photos: Food Network’s Guy Fieri’s waterfront Palm Beach County home

Food Network star Guy Fieri doubled down on South Florida with homes in Lake Worth Beach and now on Singer Island near West Palm Beach.

The number of Sunshine State residents increased by 1.6% over the past year, according to estimates released this week by the Census Bureau. That was the second-highest percentage increase in the nation, with South Carolina ranking at the top with 1.7% growth.

In sheer numbers, Florida gained an estimated additional 365,205 residents this year, which came in second behind the 473,453 people who moved to Texas.

The top three states that lost residents in 2023 were New York (-101,984), California (-75,423), and Illinois (-32,826).

The people moving to Florida are also bringing wealth.

Between 2019 and 2022, the number of Palm Beach County households earning $200,000 or more increased by 3%, according to the Census Bureau’s American Community Survey.

At the same time, the survey found the median household income jumped by $10,000 to $76,590.

While the number of industry jobs in finance, insurance and real estate grew by 12,200 positions (1.5%), jobs in the retail and food services industry fell by 6,770 (-1.2%) during the same 2019-to-2022-time frame. Construction jobs also increased by 4,750 positions.

Photos: Luxury waterfront condo at Alba Palm Beach in West Palm Beach

Luxury condominiums are selling for less than $3 million at the Alba Palm Beach in West Palm Beach, which is scheduled to open in 2025.

Bennie Waller, a housing economist and the William Cary Hulsey Faculty Fellow at the University of Alabama, said in an October interview that service industry and other lower-paid workers will have to live in less expensive areas and commute to jobs in South Florida until rental and housing inventory increases.

“It’s going to be a place only for the wealthy, and that’s going to be a huge concern, because the workers that are needed to support the wealthy will have nowhere to live,” said Waller about South Florida.

The median sale price for a condominium or townhome in Palm Beach County last month was $308,500. That’s 6% higher than the previous year. The total number of closed deals on a condo or townhome was 781, up 7.6% from the previous November.

Statewide, the number of single-family homes sold in November increased by 4% over the previous year, with median prices increasing 3% to $413,000. The median price for a condominium or townhome statewide rose 7.5% in November to a median of $330,000, and the number of sales was almost equal to November 2022.

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