Let's take a closer look:
Our main takeaway this month is: South Florida Real Estate Prices are UP 8% over last year!
This time last year, sales of single-family homes were actually down 7.9%. This means the last 12 months have shown significant positive market growth!
However, there is still a continued decline in inventory below $300,000, further limiting availability to first-time home buyers. This shortage of inventory is also contributing to increasing prices.
Both locally and nationally, we are also experiencing a lack of new build inventory as well.
If you keep up with our monthly updates then you'll know we have been tracking this inventory shortage for a while now, and we see no indications of it letting up anytime soon.
- If you are looking to sell, note that when priced correctly, your home will sell in a matter of days, not months.
- If you are looking to buy, now is the time as prices will continue to trend upward for the foreseeable future.
Here is a quick video explaining the current status of our market:
Check out the market stats in detail here:
|SINGLE FAMILY HOMES||August 2017||August 2016||% CHANGE|
|Closed Sales (Paid In Cash)||499||511||-2.3%|
|Median Sale Price||$340,000||$315,000|| 7.9%|
|Median % of Original List Price Received||94.9%||95.1%||-0.2%|
|Median Days to Contract||49||45|
|Inventory (Active Listings)||6,798||6,806||-0.1%|
|Months Supply of Inventory||4.6||4.6||0.0%|
|TOWNHOUSES / CONDOS||August 2017||August 2016||% CHANGE|
|Closed Sales (Paid In Cash)||657||588||11.7%|
|Median Sale Price||$175,000||$160,000||9.4%|
|Median % Original List Price Received||93.9%||93.5%||0.4%|
|Median Days to Contract||56||53||5.7%|
|Inventory (Active Listings)||5,775||5,563||3.8%|
|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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