Palm Beach County Market Update: Nov 2018

Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in Palm Beach County. The reports compare year-over-year data for November. Here are statistics on single family homes.

“November’s data shows what we have been hearing about single family homes in Palm Beach County. Median sales price continues to rise due to low inventory levels in the sub $300,000 price range. Inventory levels above that range, time to contract, closings, and months of supply are starting to show signs of a balancing market though it’s still slightly in the seller’s favor,” said Jeffrey Levine, Incoming President of the Realtors® of the Palm Beaches and Greater Fort Lauderdale.

Low inventory levels below $300,000 has pushed the median sale price up 5.5% to $348,000. There was some growth in new listings in November, but overall, there were only 1,607 homes listed below $300,000.

“If you have been looking to maximize your sales price as a seller, the market may be peaking and now would be a good time to list. Buyers will also have more inventory to choose from in 2019,” continues Levine.

Year-over-year, inventory of active listings is up 4.9% to 7,405 listings. Year-over-year, months’ supply of inventory also grew 4.1% to 5.1.

Check out the slideshows below for detailed information about the market stats.

Market Reports:

Single Family Homes

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Townhouses and Condos

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Source: RABP+GFLR Blog

 

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