Enjoy this Market Report with real estate videos for Palm Beach County Florida. With these reports and videos, you will get updated info on the current Buyer and Seller Markets in the Palm Beaches.
Existing home sales dropped this month compared with the same period last year. Is this just a blip this month or could it be the beginning of a slowdown in sales? Next month’s numbers could hold the answer.
This Month in Real Estate Video
The sources for these statistics and videos are from the National Association of Realtors®, the Florida Association of Realtors® and our local Realtors® Association of the Palm Beaches using the Beaches MLS (Multiple Listing Service).
Video with the Florida Market Update Report
Palm Beaches Local Market Report Stats
Want to know what the home prices in your city look like for this month? Wondering if the trends are up or down in your zip code? We will gladly send you the latest stats for your city.
Or if you would rather, Email the Martin Group.
A Summary of the Palm Beach County Housing Stats
The Real Estate Market activity in number of units was slightly lower this year compared to one year ago and prices slightly up. Total number of Active Listings in June 2018 was 13,429 which is down 4.7% from a year ago during the same month. June 2018 ended with a total of 3,181 condominiums, townhouses, and single family homes Sold in Palm Beach County Florida. That is a decrease from the 3,282 sold in June 2017 and is down 3.1 percent from last year at this time.
Average Sold Price in Palm Beach County
Closed Sales are one of the simplest, yet most important, indicators for the residential real estate market. Including ONLY Single Family Homes, June 2018 ended with a Palm Beach County Average Sold Price of $441,279, up 6.81% compared to same month in 2017. The Median Sold Price of houses that sold in the Palm Beaches during the month of June 2018 was $287,500, up 5.41% compared to June 2017. Also included are the Year To Date (YTD) stats in the image below.
Average Time on Market for Palm Beach County Listings
Homes are gradually selling faster this month since there are fewer current listings from which buyers can choose. At the end of June 2018, the average days on market (different from Median Days) for a house in the Palm Beaches compared to the same time period in 2017 was 76 days which is down 2.56% from the previous year.
Thinking about selling? Let’s talk Real Estate! Text or Call:
Doug Martin +1-561-339-3299
Jason Martin +1-561-624-4544
Strong Employment Growth Continues to Support Home Buyer Demands
The Florida market continues to show a stable real estate market for both buyers and sellers.
NAR: Characteristics of Buyers and Sellers*
- First-time buyers accounted for 31 percent of sales (32 percent in June 2017).
- Vacation and investment buyers comprised 13 percent of sales (13 percent in June 2017).
- Sales of distressed properties (foreclosed or sold as a short sale) accounted for three percent of sales (four percent in June 2017).
- Cash sales made up 22 percent of sales (18 percent in June 2017).
- Seventeen percent of sellers offered incentives such as paying for providing a warranty (8 percent), closing costs (8 percent), undertaking remodeling (2 percent), and providing appliances (one percent).
NAR: Issues Affecting Buyers and Sellers*
- From April–June 2018, 75 percent of contracts settled on time (73 percent in June 2017).
- Among sales that closed in June 2018, 74 percent had contract contingencies. The most common contingencies pertained to home inspection (55 percent), obtaining financing (44 percent), and getting an acceptable appraisal (42 percent).
- REALTORS® report “low inventory”, “interest rates”, and “multiple offers” as the major issues affecting transactions in June 2018.
*Source: NAR = National Association of Realtors, July 2018, Economists’ Outlook Blog.
Questions Others Have Asked
If you are thinking of selling and wonder how much your home might sell for in today’s Palm Beaches Real Estate Market, use this Instant Home Value Estimate or call 561-339-1779 and ask. We serve Palm Beach, Broward, and Martin Counties and have partners across the nation as well.
Exclusive Access to Newest MLS Listings
You can also do a home search and save your favorite properties. Or set up a search and be alerted of New Listings as soon as a matching property hits our database. It’s Exclusive! Also you will have access to all Active Listings in the Beaches MLS system when you sign-up to have the New Listings emailed to you.
Need help deciding whether to sell in today’s market or wait ’til next year? Or would you like to know if NOW is the right time to buy? We offer a FREE, no obligation, consultation to Buyers, Sellers and Investors. Let’s chat! Doug +1-561-339-3299 or Jason +1-561-624-4544.
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Market Data Graphs for the Palm Beaches
Median Sale Price – One Year Trend
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Market Action Index – One Year Trend
Home price trends for Palm Beach, Florida