HOW IS THE MARKET? February 2017 Report
We are still witnessing a steady monthly increase in Days on Market, Active Listings, and Supply of Inventory... In fact, of surprise to us was how much Days on Market jumped up for both single family homes and townhouses and condos: Up 14% and 12.5% respectively!
Consider this: A 6 month supply of inventory is considered to indicate a balanced market. This month we saw the amount of inventory for townhouses and condos increase to 6.2 months. Single family homes are also approaching this threshold as they increased to 5.4 months.
Something to watch: This month we saw the Median % Original List Price Received for townhouses and condos drop compared to last month as well as compared to last year. We will watch this to see if it's an early indicator of prices starting to trend downward.
What Do All These Numbers Mean?
Here's What We Think:
|SINGLE FAMILY HOMES||FEB 2017||FEB 2016||% CHANGE|
|Closed Sales (Paid In Cash)||478||460||3.9%|
|Median Sale Price||$315,000||$295,000||6.8%|
|Median % of Original List Price Received||94.5%||94.2%||0.3%|
|Median Days to Contract||64||56||14.3%|
|Inventory (Active Listings)||7,839||7,585||3.3%|
|Months Supply of Inventory||5.4||5.0||8.0%|
|TOWNHOUSES / CONDOS||FEB 2017||FEB 2016||% CHANGE|
|Closed Sales (Paid In Cash)||657||571||15.1%|
|Median Sale Price||$165,000||$144,950||13.8%|
|Median % Original List Price Received||93.4%||93.5%||-0.1%|
|Median Days to Contract||54||48||12.5%|
|Inventory (Active Listings)||6,814||6,669||2.2%|
|Months Supply of Inventory||6.2||5.8||6.9%|
The Palm Beach County market statistics below 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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