The Florida Realtors® report for December 2016 is in, and Palm Beach County’s numbers are interesting. Keeping with trends demonstrated in past months, sales slowed down slightly as the year closed out — reflective of a market that may be shifting from one that favors sellers. However, the other statistics brought good news for buyers and sellers alike.
Single Family Homes in Palm Beach County
The market for single-family homes was healthy in December, despite a slight drop in closed sales. Completed transactions fell by 4.9 percent, sitting at 1,413 at the end of the month. On the other hand, the month’s supply of inventory jumped 11.4 percent when compared year-over-year. More listings entered the market than in 2015 as well, with 6.6 percent growth — a fact which will bode well for those in the market for a home in our beautiful area. Although the inventory of homes is increasing, the month's supply of inventory (the number of months it would take to sell all of the current inventory at the current pace of sales) is only 4.9. This is reflective of a market that is balanced between buyers and sellers. We will need to monitor these numbers in the months ahead to determine if the market is, in fact, shifting away from a seller's market towards a buyers market.
Townhouses & Condos in Palm Beach County
While not entirely unusual for Palm Beach real estate sales to slow during the holiday season, closed transactions for townhouses and condos in Palm Beach County were down significantly compared to 2015. The 10.2 percent drop was a stark contrast to November 2016’s improved sales. That said, it wasn’t all bad news for sellers in December. The median sale price rose by 7.2 percent, coming in at $163,500. In addition, the month’s supply of inventory inched closer to that which is associated with a balanced market, with 5.7 reported in December. For buyers, the trend of positive numbers seen in November continued, with the pool of active listings growing by 6.1 percent.
If you would like a more detailed look at the communities you are interested in buying or selling, our Palm Beach real estate team is here to provide it. Give us a call today to get insight from the experts.
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.