Let's take a closer look:
Our main takeaway this month is: Hurricane Irma Temporarily Slowed Sales BUT Real Estate Prices Are UP again.
In taking a closer look at the internal numbers…. What we’re seeing is the following:
- Sales units of all property types down sharply due to Hurricane Irma, with no closings possible until FEMA had lifted our disaster area status. Multiple days were lost including the Labor Day holiday making for a very short month! Expect a solid bounce back next month in sales units.
- Median Sales Prices of SFH’s were 3% higher in Palm Beach County than the same month the prior year – condos/townhouses were up 8.5% year over year. Note: Broward County was up 10%.
- A continued decline in inventory to 4.7 months supply of SFH’s - indicates a good seller’s market.
- Single-family home prices have now risen for approximately 70 consecutive months!
Here is a quick video explaining the current status of our market:
Check out the market stats in detail here:
|SINGLE FAMILY HOMES||Sept. 2017||Sept. 2016||% CHANGE|
|Closed Sales (Paid In Cash)||379||484||-21.7%|
|Median Sale Price||$325,000||$316,000|| 2.8%|
|Median % of Original List Price Received||95%||95%||-0.0%|
|Median Days to Contract||47||50||-6.0%|
|Inventory (Active Listings)||6,707||7,051||-4.9%|
|Months Supply of Inventory||4.7||4.8||-2.1%|
|TOWNHOUSES / CONDOS||Sept. 2017||Sept. 2016||% CHANGE|
|Closed Sales (Paid In Cash)||490||649||11.7%|
|Median Sale Price||$172,000||$158,500||8.5%|
|Median % Original List Price Received||94.2%||93.8%||0.4%|
|Median Days to Contract||52||59||-11.9%|
|Inventory (Active Listings)||5,702||5,598||1.9%|
|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.
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