Palm Beach County Real Estate Market Update - March 2018
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
|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|
|Inventory (Active Listings)||7,333||7,655||-4.2%|
|Months Supply of Inventory||5.1||5.2||-1.9%|
|TOWNHOUSES / CONDOS||March 2018||March|
|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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