Palm Beach Real Estate Update October 2015
Market Highlights
“Homes sales are down 0.4 percent year-over-year. Although this is a seemingly insignificant number, it represents the first drop in home sales since March 2014 for Palm Beach County. Also, our tight inventory is starting to ease up ─ months’ supply of inventory is moving in the right direction for the 4th consecutive month. If this trend continues, we will soon find ourselves in a balanced market that no longer favors sellers. If you are a seller, request a Comparative Market Analysis (CMA) now while buyers are still offering on average 94 percent of original list prices.
Market Detail
In the single family homes sector, we saw declines in the following categories: closed sales, median days on market, and inventory levels. Closed sales decreased 0.4 percent from 1,487 to 1,481 transactions, and median days on market decreased 32.7 percent from 55 to 37 days. Inventory levels were down 5.5 percent from 7,543 to 7,125 active listings and down 17.7 percent 5.7 to 4.7 months’ supply of inventory. Meanwhile, median sale price increased 3.6 percent from $275,000 to $285,000, and average percent of list price received remained unchanged at 94.0 percent.
In the townhouses/condos sector, we saw gains in the following categories: closed sales, median sale price, and average percent of list price received. Closed sales increased 2.9 percent from 1,175 to 1,209 transactions, and median sale price increased 11.5 percent from $130,000 to $145,000. For average percent of list price received, the increase was small, up only 0.7 percent from 92.2 to 92.8 percent. Meanwhile, median days on market decreased 14.3 percent from 56 to 48 days, and inventory levels continued to decline, down 6.1 percent from 6,193 to 5,818 active listings and down 10.6 percent from 5.5 to 4.9 months’ supply of inventory.