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Palm Beach County Real Estate Market Update January 2018

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! With 15 yea.

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! With 15 yea.

Jul 30 4 minutes read

Our main takeaway this month is: 

Palm Beach County Housing Affordability Declines to a 9-year Low!

In taking a closer look at the internal numbers, what we’re seeing is the following: 

  1. The number of sales was 1,103, which is down 4 percent from a year ago.
  1. The median price of single-family homes sold last month was $325,000. That was up 5 percent from a year ago but slightly down from the June 2017 peak of $345,000.
  1. The pace of sales was significantly quicker in January in Palm Beach County, with properties talking 48 days to sell, down from 57 days on market.  
  1. Active single family home listings declined 2 percent, so the supply of inventory dropped to 5.2 months with just under 7,400 active listings. However, this is up from 4.8 months in December. Again, anything under 6 months is considered a seller's market. 
  1. Interestingly, the condo/townhouse inventory levels and supply are more balanced at 6,772 active listings and 6.2 months supply respectively.
  1. Let’s discuss Interest Rates. The stocks and bonds markets have been very volatile recently with the yield on the 10-year bond increasing which has had a knock-on effect with 30-year mortgage rates specifically. The rate on the benchmark, 30-year, fixed-rate mortgage rose to 4.38 percent this past week, the highest level since April 2014. 
  1. Housing Stats are Up 9.7% nationally, which is still not enough for the demand. On a more local level, Pulte Homes last week opened a new townhouse community in Palm Springs called Preston Square which includes 160 homes starting at $253,990.

Of Important note: 

Housing Affordability! According to the National Association of Home Builders Affordability index, Just 55.9% of homes sold in Palm Beach County in the 4th quarter of 2017 were affordable for a median-income family – that was the lowest level of affordability since 2008. 



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



Check out the market stats in detail here: 

SINGLE FAMILY HOMES
January 2018
January
2017
% CHANGE
Closed Sales
1,103
1,146
-3.8%
Closed Sales (Paid In Cash)
442
422
4.7%
Median Sale Price
$325,000
$310,000
 4.8%
Median % of Original List Price Received
94.5%
94.1%
0.4%
Median Days to Contract
48
57
-15.8%
Inventory (Active Listings)
7,383
7,784
-5.2%
Months Supply of Inventory
5.2
5.3
-1.9%


TOWNHOUSES / CONDOS
January 2018
January
2017
% CHANGE
Closed Sales
911
847
7.6%
Closed Sales (Paid In Cash)
547
533
2.6%
Median Sale Price
$170,000
$150,000
13.3%
Median % Original List Price Received
94.3%
93.7%
0.6%
Median Days to Contract
49
49
0.0%
Inventory (Active Listings)
6,772
6,841
-1.0%
Months Supply of Inventory
6.2
6.2
0.0%


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.

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