Here’s the market update for Palm Beach County for Sept 2018.
Highlights: Single Family Homes
- Median Sales price went up $20,000 from 2017
- Percentage of list price to sale price stayed about the same as 2017 (95%)
- Inventory and Absorption Rate (months supply of inventory) stayed the same from year to year.
Absorption Rate:
- 4.6 months supply of inventory
- Translation: Seller’s Market
- 5-6 months supply is a healthy market
- Less than that is a seller’s market, which means that inventory is low and there are more buyers than sellers. Values go up when the supply is less than the demand.
Highlights: Townhouses/Condos
- Median Sales price went up $3,000 from 2017
- Percentage of list price to sale price stayed about the same as 2017 (94.3%)
- Inventory went down slightly from 2017
- Absorption Rate (months supply of inventory) stayed about the same from year to year.
Absorption Rate:
- 5 months supply of inventory
- Translation: Healthy Market
- 5-6 months supply is a healthy market
- There are an equal number of sellers and buyers; prices will be competitive but won’t be driven up, as inventory is sufficient for the market.
Call 561-806-8550 with questions!
Heather
