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Boca Raton and Palm Beach County Real Estate Market Update - August 2018

Gia Freer

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

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

Sep 21 3 minutes read

Palm Beach County Housing Market Takes A Breather

In taking a closer look at the internal numbers, here are some indicators we are seeing: 

  • The median sales price of a single family home in Palm Beach County remained flat at $340,000, which is identical to this time last year, and down slightly from the prices of May, June and July of 2018 – With the median price of a home currently at the lowest levels since January 2018!
  •  The number of housing units sold remained relatively the same as last year, but down significantly from monthly sales units earlier this summer. 
  • However, trends are different in the condo and townhouse market. The typical Palm Beach County condo that sold in August fetched $185,000, up 5.7 percent from a year ago. 
  • Houses priced at $150,000 to $200,000 occupied the hottest spot in Palm Beach County's housing market in August. Properties in that price range found a buyer in a median of just 26 days, while luxury homes continue to take significantly longer to sell.
  • It's important to note that 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 (a sum that adjusted for inflation equates to $537,852 in today's dollars).

As we continue to look for clear trends and market changes our summary takeaways remain the same:

The chronic shortage of single family home inventory continues to create headwinds for the housing markets on a national level.

We are still behind on new construction which has failed to keep up with demand adding further pressure to the shortage.

Our increasing interest rate environment with 30-year mortgage rates reaching 4.65% last week and predictions taking us above 5% in 2019 (the highest levels in 10 years), is causing another yet another headwind for the market to absorb.

Here is a quick video going into more depth of current economic indicators:

Review the Palm Beach County Market Statistics for August in Detail Here:

SINGLE FAMILY HOMES August 2018 August 2017 % CHANGE
Closed Sales 1,576 1,550 ⬆︎ 1.7%
Closed Sales (Paid in Cash) 514 499 ⬆︎3.0%
Median Sale Price $340,000 $340,000 ⬌ 0.0%
Median % of Original List Price Received 95.2% 94.9% ⬆︎ 0.3%
Median Days to Contract 47 49 ⬇︎ -4.1%
Inventory (Active Listings) 6,622 6,798 ⬇︎ -2.6%
Months Supply of Inventory 4.6 4.6 ⬌ 0.0%
TOWNHOUSES/CONDOS August 2018 August 2017 % CHANGE
Closed Sales 1,198 1,165 ⬆︎ 2.8%
Closed Sales (Paid in Cash) 664 657 ⬆︎ 1.1%
Median Sale Price $185,00 $175,000 ⬆︎ 5.7%
Median % of Original List Price Received 94.2% 93.9% ⬆︎ 0.3%
Median Days to Contract 46 56 ⬇︎ -17.9%
Inventory (Active Listings) 5,564 5,775 ⬇︎ -3.7%
Months Supply of Inventory 4.9 5.2 ⬇︎ -5.8%

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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