How's The Market - March Update
More inventory continues to come to market with a 5.2 months supply for single family homes and a 6.0 month supply for townhouses and condos (Remember a 6 month supply indicates a balanced market).
We are also noticing that this Spring Buying Season is bringing many buyers as the threat of additional interest rate increases offers motivation to buy sooner than later.
Finally, we are noticing a more dramatic softening of the luxury market with average sales prices of the top 10 percent of houses falling 23 percent (to $7.2 million).
What Do All These Numbers Mean?
Here's What We Think:
|SINGLE FAMILY HOMES||MARCH 2017||MARCH 2016||% CHANGE|
|Closed Sales (Paid In Cash)||651||579||12.4%|
|Median Sale Price||$325,000||298,450|| 8.9%|
|Median % of Original List Price Received||94.5%||95.0%||-0.5%|
|Median Days to Contract||56||47||19.1%|
|Inventory (Active Listings)||7,655||7,687||-0.4%|
|Months Supply of Inventory||5.2||5.1||2.0%|
|TOWNHOUSES / CONDOS||MARCH 2017||MARCH 2017||% CHANGE|
|Closed Sales (Paid In Cash)||861||812||6.0%|
|Median Sale Price||$162,000||$155,000||4.5%|
|Median % Original List Price Received||93.2%||93.3%||-0.1%|
|Median Days to Contract||56||53||5.7%|
|Inventory (Active Listings)||6,644||6,539||1.6%|
|Months Supply of Inventory||6.0||5.7||5.3%|
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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