Our main takeaway this month is: 

Continued Lingering Effects of Hurricane Irma Slowed Sales into October 

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

  1.  The lingering effects of Hurricane Irma continued to negatively impact overall South East Florida Home Sales in October.  
  1. October was essentially a "catch-up month" for deals that were delayed the month before due to the storm. 
  1. In Palm Beach County, single-family home sales decreased 3.8 percent to 1,261 while the median sales price was up 4.8 percent to $325,000.
  1. Active listings declined 3.1 percent and the supply of inventory dropped to 4.8 months. That’s a seller’s market. 
  1. A limited supply of affordable homes remains an issue in Palm Beach County. Of the 6,948 active listings, only 1,490 were priced below $300,000.
  1. For the condo/townhouse market in Palm Beach, sales plummeted 8.5 percent to 901 while the median sales price surged 10.6 percent to $169,000 - Cash deals dropped 15.3 percent.
  1. Active listings increased 3.2 percent and the supply of inventory increased to 5.6 months. Again….That’s still a seller’s market. 


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



Check out the market stats in detail here: 

SINGLE FAMILY HOMES
October 2017
October 2016
% CHANGE
Closed Sales
1,261
1,311
-3.8%
Closed Sales (Paid In Cash)
400
449
-10.9%
Median Sale Price
$325,000
$310,000
 4.8%
Median % of Original List Price Received
95.0%
94.8%
0.2%
Median Days to Contract
49
48
2.1%
Inventory (Active Listings)
6,948
7,173
-3.1%
Months Supply of Inventory
4.8
4.9
-2.0%


TOWNHOUSES / CONDOS
October 2017
October 2016
% CHANGE
Closed Sales
901
985
-8.5%
Closed Sales (Paid In Cash)
502
593
-15.3%
Median Sale Price
$169,000
$152,750
10.6%
Median % Original List Price Received
93.8%
94.0%
-0.2%
Median Days to Contract
55
52
5.8%
Inventory (Active Listings)
6,016
5,828
3.2%
Months Supply of Inventory
5.6
5.3
5.7%


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.

Looking to Buy or Sell a Palm Beach County Home?


Are you curious what your home is worth?









Website
Facebook
YouTube
Twitter
Yelp
Google +
Zillow
Trulia