How's The Market? April Update
This month we see that compared to last year closed sales remain the same with no growth, while inventory is continuing to climb. We are also witnessing a continued softening of the luxury end of the market.
As talk of increasing interest rates continues (with an increase expected in June) we are noticing buyers are becoming more discriminating as some sellers are stubbornly holding onto unrealistic price expectations and affordability is coming into question.
Check out the market stats and a short video explaining them below:
|SINGLE FAMILY HOMES||APRIL 2017||APRIL 2016||% CHANGE|
|Closed Sales (Paid In Cash)||571||576||-0.9%|
|Median Sale Price||$327,000||$307,125|| 6.5%|
|Median % of Original List Price Received||94.5%||94.6%||-0.1%|
|Median Days to Contract||46||51||-9.8%|
|Inventory (Active Listings)||7,481||7,443||0.5%|
|Months Supply of Inventory||5.1||5.0||2.0%|
|TOWNHOUSES / CONDOS||APRIL 2017||APRIL 2017||% CHANGE|
|Closed Sales (Paid In Cash)||824||856||-3.7%|
|Median Sale Price||$165,000||$154,950||6.5%|
|Median % Original List Price Received||93.5%||93.2%||0.3%|
|Median Days to Contract||52||52||0.0%|
|Inventory (Active Listings)||6,452||6,436||0.2%|
|Months Supply of Inventory||5.9||5.7||3.5%|
What Do All These Market Numbers Mean?
Here's What We Think:
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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