Palm Beach County: Home Sales Hit 18-Month Low
WASHINGTON, D.C. – November 24, 2015 – (RealEstateRama) — Housing market reports for October 2015 are now available. Below are the year-over-year figures for Palm Beach County from the Realtors® Association of the Palm Beaches (RAPB). RAPB is the 6th largest local association in the country representing over 14,000 REALTOR® members involved in all aspects of residential, commercial, and global real estate throughout Southeast Florida and the Treasure Coast.
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. To find your perfect, local REALTOR® today, please visitwww.SouthFloridaPropertyMatch.com,” said Matt Halperin, 2015 President of the Realtors® Association of the Palm Beaches (RAPB).
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.
For more information about market statistics for Palm Beach County, find your local REALTOR® match from RAPB today by visitingwww.SouthFloridaPropertyMatch.com.
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About Matt Halperin: Halperin is also the District Sales Manager and a REALTOR® of The Keyes Company in Wellington and can be reached at 561-967-4300 or ">
About the Realtors® Association of the Palm Beaches (RAPB): RAPB is the 6th largest local association in the country representing over 14,000 REALTOR® members involved in all aspects of residential and commercial real estate throughout Southeast Florida. RAPB members are “The Voices for Local Real Estate,” providing consumers with real insight on the homeownership process with data accuracy and market expertise. Many of their members also engage in one or more divisions offered through RAPB, including the REALTORS® of St. Lucie County (RSLC), REALTORS® Commercial Alliance, the Young Professionals Network, and the award-winning Global Business Alliance. Consumers will find their perfect, local REALTOR® match from RAPB by visitingwww.SouthFloridaPropertyMatch.com.
