Palm Beach County Real Estate Market Update February 2018
Our main takeaway this month is:
South Florida Homes Sales and Prices Both Rose in February
In taking a closer look at the internal numbers, what we’re seeing is the following:
- South Florida’s housing market saw an increase in both sales and pricing in February, although at lower a growth rate than the state as a whole.
- Sales of existing single-family homes in Palm Beach County inched up nearly 5 percent, year-over-year, to 1,216 in February.
- The median sales price of single-family homes increased 9.5 percent, to $345,000.
- The number of sales of Palm Beach County condos and townhouses remained flat at 953 units. However, the median sales price grew 3 percent, to $170,000.
- Active single family home listings declined 3.7 percent year-over-year causing the supply of inventory to drop to 5.2 months, with just over 7,500 active listings. Again anything under 6 months is considered a seller’s market.
- Interestingly, for the condo/townhouse market in Palm Beach, inventory and supply levels are more balanced at 6,913 active listings and 6. 3 months supply, respectively.
- This week the Federal Reserve raised interest rates by another ¼ point and provided guidance that they anticipated 2 further rate increases this year.
Of Important note:
Florida Realtors Chief Economist Brad O’Connor indicated that given the current nationwide shortage of housing at the more affordable end of the pricing spectrum, as well as the specter of rising mortgage rates, we probably shouldn't expect the market to do much better than this over the next several months, at least on a consistent basis.
Here is a quick video explaining the current status of our market:
Check out the market stats in detail here:
SINGLE FAMILY HOMES
|Closed Sales (Paid In Cash)||464||478||-2.9%|
|Median Sale Price||$345,000||$315,000|| 9.5%|
|Median % of Original List Price Received||95.0%||94.5%||0.5%|
|Median Days to Contract||54||64|
|Inventory (Active Listings)||7,522||7,839||-4.0%|
|Months Supply of Inventory||5.2||5.4||-3.7%|
|TOWNHOUSES / CONDOS||February 2018||February|
|Closed Sales (Paid In Cash)||605||657||-7.9%|
|Median Sale Price||$170,000||$165,000||3.0%|
|Median % Original List Price Received||94.1%||93.4%||0.7%|
|Median Days to Contract||54||54||0.0%|
|Inventory (Active Listings)||6,913||6,814||1.5%|
|Months Supply of Inventory||6.3||6.2||1.6%|
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?