Do you want content like this delivered to your inbox?
Share
Share

How's The Market? August Update

Gia Freer

As one of the Brokers and the Office Manager, it's my job to make sure every seller is satisfied and every buyer is aware of your listing.

Feb 5 3 minutes read

 Let's take a closer look:

Our main takeaway this month is: South Florida Real Estate Prices are UP 8% over last year!

This time last year, sales of single-family homes were actually down 7.9%. This means the last 12 months have shown significant positive market growth!

However, there is still a continued decline in inventory below $300,000, further limiting availability to first-time home buyers. This shortage of inventory is also contributing to increasing prices. 

Both locally and nationally, we are also experiencing a lack of new build inventory as well. 

If you keep up with our monthly updates then you'll know we have been tracking this inventory shortage for a while now, and we see no indications of it letting up anytime soon. 

  • If you are looking to sell, note that when priced correctly, your home will sell in a matter of days, not months. 
  • If you are looking to buy, now is the time as prices will continue to trend upward for the foreseeable future. 

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



Check out the market stats in detail here: 

SINGLE FAMILY HOMES
August 2017
August 2016
% CHANGE
Closed Sales
1,550
1,683
-7.9%
Closed Sales (Paid In Cash)
499
511
-2.3%
Median Sale Price
$340,000
$315,000
 7.9%
Median % of Original List Price Received
94.9%
95.1%
-0.2%
Median Days to Contract
49
45

8.9%
Inventory (Active Listings)
6,798
6,806
-0.1%
Months Supply of Inventory
4.6
4.6
0.0%


TOWNHOUSES / CONDOS
August 2017
August 2016
% CHANGE
Closed Sales
1,165
1,113
4.7%
Closed Sales (Paid In Cash)
657
588
11.7%
Median Sale Price
$175,000
$160,000
9.4%
Median % Original List Price Received
93.9%
93.5%
0.4%
Median Days to Contract
56
53
5.7%
Inventory (Active Listings)
5,775
5,563
3.8%
Months Supply of Inventory
5.2
5.0
4.0%


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
We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies. More info