Let's take a closer look:

Our main takeaway this month is: South Florida Real Estate Prices are UP 8% over last year!

This time last year, sales of single-family homes were actually down 7.9%. This means the last 12 months have shown significant positive market growth!

However, there is still a continued decline in inventory below $300,000, further limiting availability to first-time home buyers. This shortage of inventory is also contributing to increasing prices. 

Both locally and nationally, we are also experiencing a lack of new build inventory as well. 

If you keep up with our monthly updates then you'll know we have been tracking this inventory shortage for a while now, and we see no indications of it letting up anytime soon. 

  • If you are looking to sell, note that when priced correctly, your home will sell in a matter of days, not months. 
  • If you are looking to buy, now is the time as prices will continue to trend upward for the foreseeable future. 

Here is a quick video explaining the current status of our market:



Check out the market stats in detail here: 

SINGLE FAMILY HOMES
August 2017
August 2016
% CHANGE
Closed Sales
1,550
1,683
-7.9%
Closed Sales (Paid In Cash)
499
511
-2.3%
Median Sale Price
$340,000
$315,000
 7.9%
Median % of Original List Price Received
94.9%
95.1%
-0.2%
Median Days to Contract
49
45

8.9%
Inventory (Active Listings)
6,798
6,806
-0.1%
Months Supply of Inventory
4.6
4.6
0.0%


TOWNHOUSES / CONDOS
August 2017
August 2016
% CHANGE
Closed Sales
1,165
1,113
4.7%
Closed Sales (Paid In Cash)
657
588
11.7%
Median Sale Price
$175,000
$160,000
9.4%
Median % Original List Price Received
93.9%
93.5%
0.4%
Median Days to Contract
56
53
5.7%
Inventory (Active Listings)
5,775
5,563
3.8%
Months Supply of Inventory
5.2
5.0
4.0%


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.

Looking to Buy or Sell a Palm Beach County Home?


Are you curious what your home is worth?









Website
Facebook
YouTube
Twitter
Yelp
Google +
Zillow
Trulia