Palm Beach County Real Estate Market Update October 2017
Our main takeaway this month is:
Continued Lingering Effects of Hurricane Irma Slowed Sales into October
In taking a closer look at the internal numbers, what we’re seeing is the following:
- The lingering effects of Hurricane Irma continued to negatively impact overall South East Florida Home Sales in October.
- October was essentially a "catch-up month" for deals that were delayed the month before due to the storm.
- In Palm Beach County, single-family home sales decreased 3.8 percent to 1,261 while the median sales price was up 4.8 percent to $325,000.
- Active listings declined 3.1 percent and the supply of inventory dropped to 4.8 months. That’s a seller’s market.
- A limited supply of affordable homes remains an issue in Palm Beach County. Of the 6,948 active listings, only 1,490 were priced below $300,000.
- For the condo/townhouse market in Palm Beach, sales plummeted 8.5 percent to 901 while the median sales price surged 10.6 percent to $169,000 - Cash deals dropped 15.3 percent.
- Active listings increased 3.2 percent and the supply of inventory increased to 5.6 months. Again….That’s still a seller’s market.
Here is a quick video explaining the current status of our market:
Check out the market stats in detail here:
|SINGLE FAMILY HOMES||October 2017||October 2016||% CHANGE|
|Closed Sales (Paid In Cash)||400||449||-10.9%|
|Median Sale Price||$325,000||$310,000|| 4.8%|
|Median % of Original List Price Received||95.0%||94.8%||0.2%|
|Median Days to Contract||49||48||2.1%|
|Inventory (Active Listings)||6,948||7,173||-3.1%|
|Months Supply of Inventory||4.8||4.9||-2.0%|
|TOWNHOUSES / CONDOS||October 2017||October 2016||% CHANGE|
|Closed Sales (Paid In Cash)||502||593||-15.3%|
|Median Sale Price||$169,000||$152,750||10.6%|
|Median % Original List Price Received||93.8%||94.0%||-0.2%|
|Median Days to Contract||55||52||5.8%|
|Inventory (Active Listings)||6,016||5,828||3.2%|
|Months Supply of Inventory||5.6||5.3||5.7%|
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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