Palm Beach County Real Estate Market Update December 2017
Our main takeaway this month is:
Palm Beach County is Still a Seller's Market!
In taking a closer look at the internal numbers, what we’re seeing is the following:
- The number of sales was 1,387, which is down 2 percent from a year ago.
- The median price of single-family homes sold last month was $341,500. That was up 8 percent from a year ago but slightly down from the June 2017 peak of $345,000.
- The pace of sales was slightly down in December in Palm Beach County, with properties taking longer to secure a contract – up from 47 days to 55 days on market. This could be due to the holidays.
- Active single family home listings declined 4 percent, so the supply of inventory dropped to 4.8 months with just under 7,000 active listings. Again anything under 6 months is considered a seller’s market.
- Interestingly, the condo/townhouse inventory levels and supply are more balanced at 6,327 active listings and 5.8 months supply respectively.
- What we are noticing is Palm Beach County’s market activity has been shifting to higher-priced homes. The number of sales of houses priced at less than $250,000 plunged by double digits from December 2016 to December 2017 — and the number of sales of houses priced at $400,000 or more jumped by double digits.
- Sales of houses in the $400,000 to $600,000 range jumped 19 percent over the past year, and sales volumes for mansions priced at more than $1 million soared 16 percent!
Here is a quick video explaining the current status of our market:
Check out the market stats in detail here:
|SINGLE FAMILY HOMES||December 2017||December|
|Closed Sales (Paid In Cash)||472||505||-6.5%|
|Median Sale Price||$341,500||$315,000|| 8.4%|
|Median % of Original List Price Received||94.7%||94.9%||-0.2%|
|Median Days to Contract||55||47||17.0%|
|Inventory (Active Listings)||6,849||7,126||-3.9%|
|Months Supply of Inventory||4.8||4.9||-2.0%|
|TOWNHOUSES / CONDOS||December 2017||December 2016||% CHANGE|
|Closed Sales (Paid In Cash)||634||631||0.5%|
|Median Sale Price||$166,000||$163,500||1.5%|
|Median % Original List Price Received||94.0%||94.0%||0.0%|
|Median Days to Contract||48||49||-2.0%|
|Inventory (Active Listings)||6,327||6,205||2.0%|
|Months Supply of Inventory||5.8||5.7||1.8%|
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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