Local Real Estate Market Update For Palm Beach County
Check out the Palm Beach County Local Real Estate Market Update for November 2018. The following market update summary is based on newly released statistics reported by the Florida Realtors®, with a year-over-year snapshot comparison of 2017 & 2018 market data for the month of November.
The November 2018 market stats from the Florida Realtors® reveal that 54 less single-family homes have sold in Palm Beach County in November 2018 as compared to November 2017, representing a 4.3% year-to-year decrease in total closed home sales. On the contrary, condo & townhome sales in Palm Beach County show an increase of 6.1%, with a total of 58 more condo/townhome sales in November 2018 compared to this time last year.
MEDIAN SALES PRICE
November 2018 market stats show that the median sales price for single-family homes in Palm Beach County was $348,000, a 5.5% increase over the $330,000 median home sales prices in November 2017. The median sales price of condos & townhomes in Palm Beach County for November 2018 was $176,750, an increase of 2.8% from the median condo/townhome sales price of just $172,000 in November of 2017.
The inventory of single-family homes for sale (active listings) in Palm Beach County has increased by 4.9%, compared to the inventory of active listings in November 2017. Despite the 4.9% year-over-year increase of actively listed homes, the months of supply for single-family homes in Palm Beach County reflects a minimal change, with 5.1 months of inventory in November 2018 compared to 4.9 months of inventory available in November last year.
The number of Palm Beach County condo/townhome active listings for November 2018 was 6,242, a 2.8% decrease from the 6,424 active listings reported in November 2017. The November 2018 months of supply inventory for condos/townhomes in Palm Beach County has decreased to 5.4 months from 5.9 months in November 2017.
Months of supply is the number of months it would take to sell the current inventory of actively listed properties based on the current rate of property sales in a defined market area or region. This measure is useful in determining whether a particular real estate market is currently favoring buyers or sellers. Generally speaking, a market that has less than 6 months of supply is considered a "seller's market," while a market with more than 6 months of supply suggests an excess of homes for sale and therefore favors buyers. Based on the most recent stats from the Florida Realtors®, the Palm Beach County real estate market for both single-family homes & condos/townhomes continues to remain in the favor of sellers.
If you would like to request a free South Florida real estate market analysis or view the latest market stats in Boca Raton, please contact the local real estate market experts at Champagne & Parisi Real Estate at 561-998-9015 today!