Palm Beach County Real Estate Market Update - March 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! ...
Our main takeaway this month is:
Palm Beach County Home Prices Continue to Climb
In taking a closer look at the internal numbers, what we’re seeing is the following:
- The median sales price increased 7.1 percent, to $348,000 versus a median price $325,000 in March 2017. This number is also slightly up from $345,000 in February 2018.
- Sales were down slightly, and the number of new listings is insufficient for current buyer demand. It is this combination of factors that are creating a difficult environment for buyers and an advantageous position for sellers.
- Houses priced between $250,000 to $300,000 are the hottest spot in Palm Beach County housing market right now. Properties in that price range found a buyer in a median of 34 days. By contrast, mansions priced at $1 million or more needed 185 days to go to contract.
- Trends in the condo and townhouse market are following a similar path. The typical Palm Beach County condo that sold in March fetched $177,000, up 9.3 percent from a year ago.
- 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!
What Does It All Mean?
- The ongoing shortage of single-family home inventory continues to create upward pressure on prices.
- The market is still behind on new construction, adding further pressure on supply and prices.
- We are still in a seller’s market for homes in all price ranges.
- We are looking at a possible affordability crisis with stagnant wages and increasing home prices.
- We can also expect an increasing interest rate environment.
Here is a quick video explaining the current status of our market:
Check out the market stats in detail here:
SINGLE FAMILY HOMES | March 2018 | March 2017 | % CHANGE |
|---|---|---|---|
| Closed Sales | 1,669 | 1,676 |  -0.4% |
| Closed Sales (Paid In Cash) | 625 | 651 | -4.0% |
| Median Sale Price | $348,000 | $325,000 |  7.1% |
| Median % of Original List Price Received | 94.7% | 94.5% | 0.2% |
| Median Days to Contract | 56 | 56 |  0.0% |
| Inventory (Active Listings) | 7,333 | 7,655 |  -4.2% |
| Months Supply of Inventory | 5.1 | 5.2 | -1.9% |
| TOWNHOUSES / CONDOS | March 2018 | March 2017 | % CHANGE |
|---|---|---|---|
| Closed Sales | 1,347 | 1,352 | -0.4% |
| Closed Sales (Paid In Cash) | 846 | 861 | -1.7% |
| Median Sale Price | $177,000 | $162,000 |  9.3% |
| Median % Original List Price Received | 93.6% | 93.2% | 0.4% |
| Median Days to Contract | 52 | 56 | -7.1% |
| Inventory (Active Listings) | 6,737 | 6,644 | 1.4% |
| Months Supply of Inventory | 6.1 | 6.0 | 1.7% |
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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