Hello Everyone and thank you for watching. This is Gia with Palm Beach Premier Real Estate here in Boca Raton Florida with your 2-minute local market report for DECEMBER 2017.
So here’s a quick take on the numbers that came out from the Realtors Association of the Palm Beaches
The message from your team here at Palm Beach Premier Real Estate this month is:
Palm Beach County is Still A Sellers Market
So let’s take a closer look at the internal real estate market numbers…. What we’re seeing is the following:
- The number of sales was 1,387, down 2 percent from a year ago
- The median price of single-family houses sold last month was $341,500. That was up 8 percent from a year ago but down from the June 2017 peak of $345,000
- The pace of sales was slightly down in December in Palm Beach County, with properties talking longer to secure a contract – up from 47 days to 55 days on market.
- Active single family home listings declined 4 percent so the supply of inventory dropped to 4.8 months with just under 7,000 active listings. Again anything under 6 months is considered a seller’s market.
- Interestingly the condo/townhouse market in Palm Beach, inventory levels and supply are more balanced at 6,327 active listings and 5.8 months supply respectively.
- Meanwhile, Palm Beach County’s market activity has been shifting to higher-priced homes. The number of sales of houses priced at less than $250,000 plunged by double digits from December 2016 to December 2017 — and the number of sales of houses priced at $400,000 or more jumped by double digits.
- Sales of houses in the $400,000 to $600,000 range jumped 19 percent over the past year. And sales volumes for mansions priced at more than $1 million soared 16 percent.
Of course some of these changes could simply reflect the reality that home prices are rising
So …as we continue to look for clear trends and market changes….here are some summary takeaways
- A continue shortage of single family home inventory continues to create upward pressure on prices
- Still behind on new construction adding further pressure on supply and prices.
- Still a seller’s market for homes
- Another trend that continues to play out is a growing economy, with improving job opportunities and a surging stock market both of which contribute significantly to consumer optimism
Finally, A quick note regarding the NEW federal tax package set to take effect in 2018 which will only make Florida more attractive…….. Changes incorporated into the bill will boost the standard deduction but limit the deductibility of state and local taxes to $10,000, reducing a valuable break for residents of high-tax states.