July Sales Figures

July Sales Figures

Is the condo market about to crack?

Here are the July numbers for Palm Beach County.

Single Family Home

Items                                    7/2017                  7/2016                  Change

Closed Sales                       1509                       1533                        -1.6%

 Median Sales Price         $336,000              $317,000              +6.0%

Inventory                            7,086                     6,956                     +1.9%

Townhomes/Condos

Closed Sales                       1075                       1092                       -1.6%

Median Sales Price          $170,000              $167.250              +1.6%

Inventory                            5,943                     5,659                     +1.6%

Here is what’s interesting. While property values are still increasing year to year the condo market appears to be slowing down.  Most of the other numbers have remained stable year over year. There is a slight increase in inventory and a slight decrease in the number of closed sales. Neither is considered that significant in its own case.

The scary part is when you look at the numbers over the last several months.

Single Family

Items                                    7/2017                  5/2017  `               Change

Closed Sales                       1509                       1768                       -17%

Median Sales Price          $336,000              $335,000              0%

Townhomes/Condo

Closed Sales                       1075                       1420                       -24%

Median Sales Price          $170,000              $179,500              -5%

If you look at the above there is a slowdown in the number of sales. That is to be somewhat expected as May is just at the end of sales season and there is a bit of a slowdown over the summer. Prices have also slowed down however.  The single family home prices have stabilized while the condo prices actually show a decline.  Again, it is the summer but before the market last crashed the market stalled first then showed a slight decline then KABOOM! I’m not saying that’s where we are headed but the market does bear watching.

See you next time.

Gary Benson, EcoBroker

Exit Realty Premier


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Phone: 561-445-2331
Dated: August 28th 2017
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