June Market Upate

June Market Upate

June Market UpdatePalm Beach County


Here are thestatistics for June 2017


Single Family Homes


Factor                                        June2017        June 2016           %Change

ClosedSales                            1855                  1822                    +1.8

CashSales                                589                   591                       -0.3

Median SalesPrice                  $345,000         $320,000             +7.8

Median Days toContract       46                     43                         +7.0

#ActiveListings                        7,030               7,138                    -1.5

Months ofSupply                    4.7                    4.8                        -2.1


Condos

Factor                                            June2017        June 2016        %Change

ClosedSales                                1230                  1202                 +2.3

CashSales                                   734                    696                   +5.5

Median SalePrice                      $172,500          $161,500          +6.8

Median Days toContract         60                       53                     +13.2

#ActiveListings                          5889                  5993                 -0.7

Months ofSupply                      5.3                      5.3                    0.0


Lets talk about thesingle family data first. There was a slight increase in closed salesand a slight decrease in the number of cash sales. The price is about8% higher which what it’s been running most of the year. Inventoryis slightly down but months of supply is pretty much in the middle ofthe 3-6 month range which indicates a normal market.


Condo Data – Therewas again an increase in the number of sales over the same month ofthe previous year. Also prices again have risen, although not quiteas much as the single family homes. The interesting thing here is thedays to contract which is up to two months. That number is still ahealthy one but it has been climbing. Months of supply is still under 6 which is in thehealthy range. Another thing with condos is cash sales are stillrunning about 60% of the total. That’s almost twice the percentageof single family properties.


When looking at thisdata you have to remember that generally the condo market have fewersales, appreciate slightly slower and take longer to contract thansingle family properties.


We are reaching thehistoric highs of the pre-crash market. Everyone is watching closelyto see if this market is going to correct. So far the data does notindicate that to be the case. Let’s hope we can avoid the mess ofthe last correction.


Have a great day


Gary Benson

EcoBroker, SFR

Exit Realty Premier

Cell: 561-445-2331


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Phone: 561-445-2331
Dated: July 27th 2017
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