According to the latest housing data released by Florida Realtors®, Palm Beach County’s housing market reported rising median prices and more closed sales. Additionally, the listing inventory experienced a slight reduction in March 2018 as compared to March 2017.
Here’s what buyers and sellers of Boca Raton real estate need to know.
Median Price Continues to Climb
The median price of closed sales continues to climb, with a 7.1% increase from the same period last year for single-family homes, and 9.3% for townhouses and condos. The median price also climbed month over month. The median sale price in March 2018 was $348,000 vs. $345,000 in February 2018 for single-family homes, and $177,000 vs. $170,000 for townhouses and condos.
Inventory Levels Decline
Inventory Levels are also on the decline. Although the number of homes on the market is only down 1.6% year over year, the decline from February 2018 to March 2018 was over 2.5%. This trend is starting to push prices higher, which explains the increase in median price.
Cash is Still King
Did you know that in Palm Beach County 63% of sales of condos were paid in cash and 37.4% of single family homes as well?
Both of these are very high numbers, most likely because many buyers in our market are purchasing second/vacation homes. Hence, they are far more likely to have the funds to purchase a home up front, whereas the typical homebuyer requires a mortgage or some other form of financing.
The Luxury Market (Homes over $1,000,000) is on Fire
The market for homes over $1,000,000 has definitely heated up. The number of closed sales in March 2018 for townhouses and condos over $1,000,000 increased 14.6% from March 2017, and a whopping 24.8% for single-family homes.
Inventory levels in this market segment decreased year over year: down 5.1% for townhouses and condos, and 1.6% for single-family homes.
Ready to Buy or Sell in South Florida?
If you are on the fence about selling, it might be worth giving it some serious thought since the current market seems to be favoring sellers, especially if you own a luxury home.
I’m always here to help you navigate the local market. Contact me today for a customized look at the latest conditions for the Boca Raton real estate market and beyond.
Gloria Singer is the Broker of Boca Expert Realty, a boutique Boca Raton real estate company with a focus on professional service and an unparalleled customer experience. Our select agents are amongst the top performing professionals in the field. Visit www.BocaExpert.com for information on Boca Raton, Delray Beach and Highland Beach real estate and to connect with an expert in the local market.