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Palm Beach County Real Estate Market Update October 2017

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.

Feb 5 3 minutes read

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: 

  1.  The lingering effects of Hurricane Irma continued to negatively impact overall South East Florida Home Sales in October.  
  1. October was essentially a "catch-up month" for deals that were delayed the month before due to the storm. 
  1. 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.
  1. Active listings declined 3.1 percent and the supply of inventory dropped to 4.8 months. That’s a seller’s market. 
  1. 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.
  1. 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.
  1. 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
1,261
1,311
-3.8%
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
901
985
-8.5%
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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