According to the Florida REALTORS® October 2016 market report, South Florida’s residential real estate market is slowing down. While listing inventories increased, the number of closed sales decreased. These statistics are in favor of buyers because of a larger inventory, while sellers may be at a disadvantage when negotiating prices.
October’s statistics for Palm Beach County properties mimicked the trends of the overall South Florida region. The most notable figure from the report is a combined 12.1% reduction in overall sales of all property types in Palm Beach County. Another significant year-over-year change was the 6.3% net increase of active listings which marks an additional 773 units for sale. The entire listing inventory of all residential property types in Palm Beach County as of October 2016 totals 13,006 units.
Despite the slower market, Boca Expert Realty’s experienced team of South Florida real estate agents continue to assist in numerous sales of Palm Beach County homes.
Sales of Single Family Homes
Sales numbers of each property type mirrored the net sales statistics. In year-over-year comparisons, closed sales of Palm Beach County single family homes dropped from 1,442 to 1,311, a decrease of 9.1%. The median sale price increased 8.8% from $285,000 in October 2015 to $310,000 in 2016. The median time it took from the listing date to the the signing of a sales contract rose 2.1%, from 47 days in October 2015 to 48 days in 2016. The median percent of original list price received remained the same at 94.8%.
Sales of Townhouses & Condos
Sales of townhouses and condos in Palm Beach County experienced a more severe percentage drop than single family homes with a 15.9% decrease. Only 985 units were sold in October 2016, compared to 1,171 homes sold in October 2015. The median sale price rose by 7.6% from $142,000 to $152,750. There was a year-over-year 7.1% decline in the median number of days to contract, from 56 days to 52 days. While there was a slight 0.1% increase in the median percent of original list price received, from 93.9% to 94.0%.
Listing Inventories Increase
While sales dropped, listing inventories of single family homes, townhouses, and condos in Palm Beach County all expanded. There was a 7.1% increase in active listings of single family homes, from 6,699 in October 2015 to 7,176 in October 2016. While the active listings for townhouses and condos rose from 5,534 to 5,830, a 5.3% year-over-year percentage change. Due to slower sales rates, it will take longer to deplete these inventories. For active listings of single family homes in October 2016, there was an estimated 4.9 months supply of inventory compared to 4.5 months in October 2015, a 8.9% increase. For townhouses and condos, there was a 10.4% increase from 4.8 months supply to 5.3 months supply.
Boca Expert Realty is committed to keeping Floridians informed about the current market conditions. If you’re considering selling your home, enlisting an expert in the local market is essential. Our knowledgable South Florida real estate agents can navigate the market and assist in the sale of your home. Contact us today to get started!
Boca Expert Realty is 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 or call us at 561.347.6444 for information on Boca Raton, Delray Beach and Highland Beach real estate and to connect with an expert in the local market.