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Your Local Market Update: April 2017

Posted by Gloria Singer on Tuesday, May 30th, 2017 at 10:41am.

As May draws to a close, let’s take a look back with the newly released Florida Realtors® market report for April 2017. The statistics point to some differences between single family homes versus townhouses and condos in the Palm Beach County real estate market. Despite this, both markets experienced notably slight year-over-year changes.

Single Family Homes in Palm Beach County

The market for single family homes remained relatively balanced with upticks in both closed sales and active listings. Closed sales rose a meager 0.8% from last year’s 1,586 to 1,598 in 2017. Similarly, active listings increased only 0.5% with a year-over-year change from 7,443 to 7,481. Fortunately for sellers, median sale price rose 6.5% from $307,125 to $327,000 and median days to contract fell by 9.8% from 51 days to 46 days.

Townhouses & Condos in Palm Beach County

Some statistics of the market for townhouses and condos shifted more significantly compared to the single family homes market numbers. Buyers had a small advantage. Closed sales fell by 6.8% from 1,376 to 1,283 and active listings rose a minor 0.2% from 6,436 to 6,452. Some good news for sellers — a 6.5% increase in the median sale price from $154,950 to $165,000. Still, a month’s supply of inventory of 5.9 suggests a buyers’ market.

The April 2017 local market report pointed to a relatively balanced market with very little year-over-year change. April seems to be a month characterized by steadiness in the real estate market.

For more in-depth market analysis of the local communities you wish to buy or sell homes in, call our team of Palm Beach County real estate experts today.

 

 

 

 

 

 

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. 

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