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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 JANUARY 2017.

So here’s a quick take on the numbers that came out from the Realtors Association of the Palm Beaches – and why we would disagree with their analysis of what they mean……..

The message from your team here at Palm Beach Premiere Real Estate this month is:

Supply Continues to Climb AND Not all Up Arrows are Good News

So in taking a closer look at the internal numbers…. What we’re seeing is the following:

  1. FIRST – The SUPPLY of Listings continues to increase with Active Inventory UP another 7.5%
  2. SECOND – We are now 5.3 months supply of Inventory for SFH’s (UP 10.4%) and 6.2 months for Townhouses & Condos  (UP 12.7%) – 6 months supply is generally considered to be a balanced market
  3. THIRD… Closed sales were DOWN sharply in January compared to December with SFH sales DOWN 18% and Townhouses/Condos DOWN 16%. It is no coincidence that January’s closed sales units represented the lowest monthly number in the last 12 months.
  4. FOURTH – The numbers here in Palm Beach County continue to indicate a market in transition…Sellers are getting a median of 94.1% of their list price … with homes going under contract in approximately 57 days ..if priced correctly of course….Up nearly 10%
  5. Median Prices were DOWN in January compared to December – with the median sales price of Townhouses & Condos at it’s lowest since February 2016! It will be Interesting to see if we see a year over year DOWN arrow with next month’s data.
  6. FINALLY – Rising Interest rates continue to be part of the discussion coming from The Federal Reserve– with an INCREASE in rates likely in either March or June and another later in the year. So keep your eyes on both the employment and inflation data.

So….what we can clearly see from the January data is that several significant factors are taking place here and why we mentioned before that not all UP Arrows are good news:

While the association talks about the positives year-over-year, we are analyzing the data on a month-to-month basis and looking for clear trends and market changes….For Example:

  1. More Inventory continues to come to market and has done for some time…
  2. Demand is waning particularly at the upper end of the market
  3. And third, prices are likely to trend to downwards as we mentioned earlier

So we clearly have some economic fundamentals playing themselves out that further illustrate the transitioning marketplace that we’ve been talking about for several months now.

Specifically – we are watching inventory levels very closely as we have now seen 12 consecutive months where supply has increased versus the same month in the prior year.

So anticipate a continuing transition ahead to a buyers market.

Going forward we will definitely be keeping a continued close watch on prices, inventory levels and the number of closed sales.

If you’ve been considering taking advantage of the strength in the marketplace – now is a great time to sell…

Please give us a call for a confidential consultation at 561.395.8418 or email us at Info@PBPrealestate.com - we’re here to help!

As always we look forward to speaking with you. Thank you for watching. We’ll see you next time...

Active Properties
Address Beds Baths Living ft2 List Price Cost per ft2 DOM
3850 Circle Lake Drive 3 3 1,742 $285,000 $163 1 day
116 Kingswood F 1 1 615 $47,000 $76 0 days
2721 Garden Drive N Unit #202 2 1 894 $58,000 $64 4 days
404 Shoreview Drive 2 3 1,242 $159,000 $128 0 days
7209 Catania Drive 3 2 2,098 $375,000 $178 0 days
8530 Pine Cay 3 2 1,840 $370,000 $201 0 days
8541 Butler Greenwood Drive 4 5 4,243 $665,000 $156 0 days
5246 Ashley River Road 3 3 1,655 $219,000 $132 0 days
2900 NW 30th Street 4 2 2,205 $484,788 $219 0 days
1422 E Wickham Circle Unit #1422 3 3 1,658 $315,000 $189 0 days
2325 Fairway Drive 3 1 936 $225,000 $240 0 days
17696 118th Trail N 4 2 2,556 $449,900 $176 0 days
4772 Pineaire Lane 4 2 1,392 $290,000 $208 0 days
1126 11th Way 2 3 1,236 $169,500 $137 0 days
11091 Boca Woods Lane 2 3 2,457 $319,000 $129 0 days
8174 Ambach Way Unit #5-C 2 2 1,243 $150,000 $120 0 days
1466 W Bexley Park Drive 4 4 3,646 $515,000 $141 0 days
10239 N Circle Lake Drive Unit #101 3 2 1,469 $219,000 $149 0 days
224 Greenbrier Drive 2 2 1,035 $229,900 $222 0 days
4991 Sable Pine Circle Unit #C1 2 2 1,115 $133,000 $119 0 days
6745 Via Como 3 2 1,768 $394,500 $223 0 days
12365 86th Road N 3 2 1,523 $300,000 $196 0 days
429 NW 12th Avenue 3 2 964 $219,000 $227 0 days
623 Mango Drive N/A N/A 1,460 $209,900 $143 0 days
1885 Abbey Road 3 2 1,268 $210,000 $165 0 days
3722 Old Lighthouse Circle 4 2 1,805 $399,900 $221 0 days
434 NE Wavecrest Way Unit #B 3 4 2,909 $1,995,000 $685 0 days
24 Stratford Drive E Unit #D 2 2 1,388 $52,000 $37 0 days
2400 Presidential Way Unit #1004 3 2 1,499 $309,000 $206 0 days
15035 Michelangelo Blvd Unit 203 2 2 1,145 $197,000 $172 0 days
200 Coral Cay Terrace 4 3 2,214 $395,000 $178 0 days
3817 Heather Drive E 3 1 1,036 $174,900 $168 0 days
8666 Falcon Green Drive 3 3 2,477 $425,000 $171 0 days
3450 S Ocean Boulevard Unit #303 3 2 2,066 $549,999 $266 0 days
2461 Village Boulevard Unit #203 2 2 1,385 $145,000 $104 0 days
104 Saint Edward Place 3 4 4,126 $1,650,000 $399 0 days
6684 Eastpointe Pines Street 2 2 1,593 $355,000 $222 0 days
52 Stratford Lane Unit #C 2 2 1,388 $5,000 $3.60 0 days
124 Windsor F Unit 124 1 1 N/A $41,000 Unknown 0 days
11877 Fountainside Circle 3 3 2,419 $359,900 $148 0 days
16910 Bay Street Unit #E505 2 2 1,688 $539,000 $319 0 days
509 Oleander Lane 5 6 6,224 $5,295,000 $850 0 days
191 Tresana Boulevard Unit #157 3 3 2,665 $875,000 $328 0 days
6544 Otter Drive 5 6 4,481 $1,179,000 $263 0 days
231 Royal Court 3 2 1,534 $850,000 $554 0 days
7963 Rockford Road 3 2 1,872 $176,900 $94 0 days
5070 Windsor Parke Drive 3 2 1,771 $169,000 $95 0 days
1918 Ascott Road 4 2 1,992 $640,000 $321 0 days
1801 S Us Highway 1 Unit #11b 2 2 1,100 $329,900 $299 0 days
3608 N Shore Drive 4 3 2,580 $665,400 $257 0 days
Average: 3.0 3.0 2,564 $994,920 $307 135 days
Viewing 1 - 50 of 12029
Viewing 1 - 50 of 12029
Properties Under Contract
Address Beds Baths Living ft2 List Price Cost per ft2 DOM
7498 Ridgefield Lane 5 3 3,120 $412,000 $132 0 days
5237 Windsor Parke Drive 3 2 1,771 $99,999 $56 0 days
255 Evernia Street Unit #907 1 1 790 $224,900 $284 0 days
917 S D Street 3 1 1,228 $185,000 $150 0 days
1160 Via Jardin 2 2 1,117 $240,000 $214 1 day
6412 Polo Pointe Way 4 5 3,483 $625,000 $179 2 days
501 Pinecrest Circle Unit #A 2 2 117 $199,000 $1,700 2 days
6586 Southurst Terrace Unit #208 2 2 1,103 $109,000 $98 2 days
21182 Shady Vista Lane 3 2 1,897 $429,900 $226 2 days
3501 Village Boulevard Unit #102 2 2 1,385 $138,500 $100 2 days
247 31st Street 2 1 462 $445,000 $963 3 days
5400 Spruce Avenue 2 2 1,171 $145,000 $123 3 days
2438 Bellarosa Circle 3 3 2,364 $449,900 $190 3 days
513 Talia Circle 3 3 1,543 $210,000 $136 3 days
10572 Royal Caribbean Circle 3 2 1,441 $259,900 $180 3 days
3459 Pebble Beach Drive 3 2 1,896 $360,000 $189 3 days
1606 SW 17th Terrace 2 2 1,428 $223,000 $156 3 days
4553 Bucida Road 3 3 2,209 $449,900 $203 3 days
1 Harbourside Drive Unit #2309 2 2 1,269 $475,000 $374 3 days
436 Driftwood Road 4 2 2,071 $329,000 $158 3 days
491 NW 14th Street 3 2 1,507 $407,400 $270 4 days
5282 2nd Road 3 2 1,099 $279,000 $253 4 days
9880 Majestic Way 3 2 1,867 $410,000 $219 4 days
1233 Via Maggio 4 4 1,880 $274,900 $146 4 days
4751 Via Palm Lakes Unit #413 2 2 1,120 $145,000 $129 4 days
1900 Palmland Drive Unit #3 3 2 1,080 $142,000 $131 4 days
6355 Brandon Street 3 3 2,617 $563,800 $215 4 days
5403 Glenda Street 2 2 1,160 $189,900 $163 4 days
123 Yacht Club Way Unit #307 1 1 917 $142,000 $154 4 days
161 Harbor Lake Circle 3 2 1,482 $272,500 $183 4 days
8490 Whispering Oak Way 3 4 3,073 $585,000 $190 5 days
711 Lori Drive Unit #403 1 1 696 $52,000 $74 5 days
9355 SW 8th Street Unit #305 2 2 1,000 $147,500 $147 5 days
1624 W Terrace Drive 2 2 1,604 $369,900 $230 5 days
100 SE 5th Avenue Unit #2 2 2 1,630 $1,225,000 $751 5 days
231 Newhaven Boulevard 3 3 1,812 $410,000 $226 5 days
5810 Churchill Court W 2 1 784 $234,500 $299 5 days
2445 SW 22nd Avenue Unit #202 2 2 985 $129,900 $131 5 days
8074 Severn Drive Unit #A 3 4 1,364 $249,900 $183 5 days
300 John F Kennedy Drive Unit #105 2 2 1,440 $169,000 $117 5 days
1074 Siena Oaks Circle E 4 3 2,086 $459,900 $220 5 days
19823 Hibiscus Drive 3 2 1,998 $439,900 $220 5 days
1415 W 35th Street 4 2 1,400 $187,000 $133 6 days
115 Midleton Way W 3 3 1,410 $319,900 $226 5 days
1145 Duncan Circle Unit #101 3 2 1,320 $225,000 $170 5 days
1433 W Drew Street 2 1 910 $230,000 $252 6 days
13 Amherst Court Unit #A 2 3 1,398 $204,900 $146 6 days
1401 Village Boulevard Unit #2026 1 1 731 $89,900 $122 6 days
1315 9th Court 3 1 1,040 $180,000 $173 6 days
13750 Oneida Drive Unit #D2 2 2 1,111 $159,900 $143 6 days
Average: 2.8 2.5 2,294 $495,262 $218 81 days
Viewing 1 - 50 of 4435
Viewing 1 - 50 of 4435
Sold Properties
Address Beds Baths Living ft2 List Price Sold Price Cost per ft2 DOM Sold Date
1023 N Florida Mango Road Unit #1027-7 N/A N/A 39,426 $15 $15 $0 17 days 10/14/19
1833 Abbey Road 3 2 1,288 $188,000 $188,000 $145 72 days 10/14/19
17031 Boca Club Boulevard Unit #106-A 2 3 2,004 $339,000 $310,000 $154 141 days 10/14/19
800 Palm Trail Unit #200b N/A N/A 7,968 $300 $600 $0.07 109 days 10/14/19
6705 Bulrush Court 4 2 1,994 $342,000 $342,000 $171 150 days 10/14/19
146 Lake Constance Drive Unit #146 2 2 1,031 $79,500 $74,000 $71 181 days 10/14/19
111 Bilboa Drive 4 3 3,074 $799,000 $750,000 $243 0 days 10/11/19
3126 Alice Drive 3 2 1,551 $145,000 $130,000 $83 17 days 10/11/19
12771 Ellison Wilson Road 3 2 1,797 $545,900 $530,000 $294 23 days 10/11/19
817 Sky Pine Way Unit #H 2 2 1,370 $155,000 $155,000 $113 24 days 10/11/19
21701 Altamira Avenue 2 2 1,096 $265,000 $265,000 $241 31 days 10/11/19
801 S Olive Avenue Unit #126 1 2 770 $235,000 $230,000 $298 31 days 10/11/19
9869 Summerbrook Terrace Unit #A 2 2 1,677 $229,900 $225,000 $134 34 days 10/11/19
107 Via Azurra 4 4 3,122 $628,500 $600,500 $192 34 days 10/11/19
8665 Boca Glades Boulevard W Unit #C 2 2 1,233 $215,000 $203,000 $164 37 days 10/11/19
5857 Sugar Palm Court Unit #B - 42 2 2 1,381 $115,000 $110,000 $79 39 days 10/11/19
16416 66th Court N 3 2 1,480 $299,900 $300,500 $203 44 days 10/11/19
10174 Plum Street 3 2 1,546 $319,500 $315,000 $203 44 days 10/11/19
904 20th Street N/A N/A 1,776 $285,000 $278,000 $156 45 days 10/11/19
704 36th Street 2 1 1,178 $96,030 $113,000 $95 50 days 10/11/19
5200 N Flagler Drive Unit #2504 2 2 1,250 $310,000 $250,000 $200 49 days 10/11/19
6101 Fairfield Circle Unit #13 3 2 1,293 $159,500 $145,500 $112 50 days 10/11/19
1324 NW 7th Street 3 2 1,504 $334,900 $330,000 $219 51 days 10/11/19
45 Baytree Circle 3 2 1,584 $320,000 $315,000 $198 52 days 10/11/19
113 Derby Lane 3 2 1,610 $334,900 $325,000 $201 52 days 10/11/19
6327 Seven Springs Boulevard Unit #D 2 2 1,368 $165,000 $172,000 $125 52 days 10/11/19
92 Seville F 2 2 883 $119,999 $105 $0.11 53 days 10/11/19
449 Goldenwood Way 3 2 1,578 $309,900 $298,000 $188 55 days 10/11/19
422 Windsor R 1 1 615 $44,900 $40,000 $65 55 days 10/11/19
2800 Fiore Way Unit #2050 2 2 1,023 $175,000 $148,000 $144 63 days 10/11/19
1116 11th Way 2 3 1,236 $175,000 $175,000 $141 66 days 10/11/19
251 Murray Court 3 3 1,623 $330,000 $310,000 $191 68 days 10/11/19
139 E Indian Crossing Circle 3 3 1,839 $312,900 $302,000 $164 68 days 10/11/19
4188 Coconut Road 4 4 1,787 $315,000 $320,000 $179 70 days 10/11/19
12252 Sag Harbor Court Unit #2 3 3 1,661 $280,000 $275,000 $165 70 days 10/11/19
9785 Kamena Circle 3 3 1,596 $225,000 $224,000 $140 70 days 10/11/19
6260 Willoughby Circle 3 2 1,371 $279,000 $279,000 $203 71 days 10/11/19
16702 81st Lane N 4 2 2,239 $384,000 $365,000 $163 74 days 10/11/19
871 NW 7th Street 3 2 1,618 $479,900 $470,000 $290 335 days 10/11/19
6906 Torch Key Street 3 3 1,637 $299,900 $302,000 $184 79 days 10/11/19
8099 Fire Opal Lane 4 3 2,305 $507,500 $495,000 $214 86 days 10/11/19
11295 Regatta Lane 5 3 3,399 $499,900 $460,000 $135 92 days 10/11/19
3799 NW 2nd Court 4 2 1,611 $439,000 $415,000 $257 94 days 10/11/19
100 Windsor Court 3 3 3,054 $549,000 $535,000 $175 97 days 10/11/19
840 Ocean Drive Unit #105 2 2 1,270 $579,000 $555,000 $437 110 days 10/11/19
5700 Camino Del Sol Unit #105 2 2 1,254 $175,000 $167,500 $133 115 days 10/11/19
248 Isle Verde Way 3 2 1,837 $449,900 $440,000 $239 113 days 10/11/19
8406 Staniel Cay 3 3 2,180 $329,000 $320,000 $146 119 days 10/11/19
12075 Rockwell Way 4 3 2,195 $409,000 $400,000 $182 121 days 10/11/19
9644 Sills Drive E Unit #101 2 2 1,626 $165,000 $147,000 $90 123 days 10/11/19
Average: 2.9 2.5 1,910 $478,694 $447,204 $482 116 days
Viewing 1 - 50 of 16862
Viewing 1 - 50 of 16862