Our main takeaway this month is: 

Palm Beach County Home Prices Continue to Climb

In taking a closer look at the internal numbers, what we’re seeing is the following: 

  1. The median sales price increased 7.1 percent, to $348,000 versus a median price $325,000 in March 2017. This number is also slightly up from $345,000 in February 2018.
  1. Sales were down slightly, and the number of new listings is insufficient for current buyer demand. It is this combination of factors that are creating a difficult environment for buyers and an advantageous position for sellers.
  1. Houses priced between $250,000 to $300,000 are the hottest spot in Palm Beach County housing market right now. Properties in that price range found a buyer in a median of 34 days. By contrast, mansions priced at $1 million or more needed 185 days to go to contract.
  1. Trends in the condo and townhouse market are following a similar path. The typical Palm Beach County condo that sold in March fetched $177,000, up 9.3 percent from a year ago. 
  1. Home prices still remain well below record levels. During the housing bubble, the county’s median resale price peaked at $421,500 in November 2005!

What Does It All Mean? 

  • The ongoing shortage of single-family home inventory continues to create upward pressure on prices.
  • The market is still behind on new construction, adding further pressure on supply and prices.
  • We are still in a seller’s market for homes in all price ranges. 
  • We are looking at a possible affordability crisis with stagnant wages and increasing home prices.
  • We can also expect an increasing interest rate environment.


Here is a quick video explaining the current status of our market:



Check out the market stats in detail here: 

SINGLE FAMILY HOMES
March 2018
March
2017
% CHANGE
Closed Sales
1,669
1,676
-0.4%
Closed Sales (Paid In Cash)
625
651
-4.0%
Median Sale Price
$348,000
$325,000
 7.1%
Median % of Original List Price Received
94.7%
94.5%
0.2%
Median Days to Contract
56
56
0.0%
Inventory (Active Listings)
7,333
7,655
-4.2%
Months Supply of Inventory
5.1
5.2
-1.9%


TOWNHOUSES / CONDOS
March 2018
March
2017
% CHANGE
Closed Sales
1,347
1,352
-0.4%
Closed Sales (Paid In Cash)
846
861
-1.7%
Median Sale Price
$177,000
$162,000
9.3%
Median % Original List Price Received
93.6%
93.2%
0.4%
Median Days to Contract
52
56
-7.1%
Inventory (Active Listings)
6,737
6,644
1.4%
Months Supply of Inventory
6.1
6.0
1.7%


The Palm Beach County market statistics are courtesy of your REALTOR®, a proud member of the Realtors® Association of the Palm Beaches (RAPB). RAPB represents over 14,000 members involved in all aspects of residential and commercial real estate.

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