Palm Beach County Market Update – Oct 2018

Here’s the market update for Palm Beach County for October 2018.

Highlights: Single Family Homes

  • Closed Sales increased by 15.6% from 2017
  • Closed Sales (paid in cash) increased by 27.5% from 2017
  • Median Sales price went up 6.8% from 2017
  • Percentage of sale price to list price stayed about the same as 2017 (95%)
  • Median Days to contract increased from 49 to 52 days
  • Inventory increased 2.3% from 2017
  • Absorption Rate (months supply of inventory) stayed exactly the same (4.8) from year to year.

Absorption Rate:

  • 4.8 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

  • Closed Sales increased by 19.2% from 2017
  • Closed Sales (paid in cash) increased by 19.7% from 2017
  • Median Sales price went up 9.5% from 2017
  • Percentage of sale price to list price stayed about the same as 2017 (94%)
  • Median Days to contract decreased from 55 to 52 days
  • Inventory increased .1% from 2017
  • Absorption Rate (months supply of inventory) decreased from 5.6 in 2017 to 5.2

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.

See the graphic below and call 561-806-8550 with questions!
Heather

10-2018.png

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