Here are the December numbers for Palm Beach County.
Single Family Homes
Items 12/2017 12/2016 Change
Closed Sales 1387 1413 -1.8%
Median Sales Price $341,000 $315,000 +8.4%
Inventory 6849 7126 -3.9%
Closed Sales 1075 1013 +6.1%
Median Sales Price $166,000 $163,500 +1.5%
Inventory 6,327 6,205 +2.0%
So what are we looking at? First, the total number of single family sales showed only a very small decline. The condo market showed a rise in sales.
Second, prices show NO signs of decline yet. The number of single family homes may have declined however prices were up 8.4%. Condominiums showed only a modest increase of 1.5%
Single family inventories declined some while condo inventories climbed a bit. Months of supply (active inventory divided by sales) are just under 5 months for single family homes and just under 6 months for condos. Anything between 4 to 6 months is considered stable, so far so good.
Here is where we may have some coal in our stocking. If you go back before Hurricane Irma and look at the numbers compared to today a few things jump out. For the single family market, the number of sales is down BUT the amount of inventory has actually increased slightly. Also there has been almost no increase in the median sales price. On the condo side, sales are off. The median selling price is about 5% below the August number and the number of listings is about 9% higher than the August number.
Now we have to remember that December has holidays which can explain some of the discrepancies but I find it interesting that ho ho ho or no, inventories still increased. This will bear watching when the January numbers come out as rising inventory levels can be the first sign of coal in our stocking.
Thanks for reading and see you next time.
Gary Benson, EcoBroker, SFR
Exit Realty Premier Elite
Author:Gary Benson Phone: 561-445-2331 Dated: January 31st 2018 Views: 27 About Gary: ...
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