Our main takeaway this month is: 

Palm Beach County is Still a Seller's Market!

In taking a closer look at the internal numbers, what we’re seeing is the following: 

  1. The number of sales was 1,387, which is down 2 percent from a year ago.
  1. The median price of single-family homes sold last month was $341,500. That was up 8 percent from a year ago but slightly down from the June 2017 peak of $345,000.
  1. The pace of sales was slightly down in December in Palm Beach County, with properties taking longer to secure a contract – up from 47 days to 55 days on market. This could be due to the holidays. 
  1. 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.
  1. Interestingly, the condo/townhouse inventory levels and supply are more balanced at 6,327 active listings and 5.8 months supply respectively.
  1. What we are noticing is 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.
  1. 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!


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



Check out the market stats in detail here: 

SINGLE FAMILY HOMES
December 2017
December
2016
% CHANGE
Closed Sales
1,387
1,413
-1.8%
Closed Sales (Paid In Cash)
472
505
-6.5%
Median Sale Price
$341,500
$315,000
 8.4%
Median % of Original List Price Received
94.7%
94.9%
-0.2%
Median Days to Contract
55
47
17.0%
Inventory (Active Listings)
6,849
7,126
-3.9%
Months Supply of Inventory
4.8
4.9
-2.0%


TOWNHOUSES / CONDOS
December 2017
December 2016
% CHANGE
Closed Sales
1,075
1,013
6.1%
Closed Sales (Paid In Cash)
634
631
0.5%
Median Sale Price
$166,000
$163,500
1.5%
Median % Original List Price Received
94.0%
94.0%
0.0%
Median Days to Contract
48
49
-2.0%
Inventory (Active Listings)
6,327
6,205
2.0%
Months Supply of Inventory
5.8
5.7
1.8%


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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