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
