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Your Local Market Update: February 2017

Posted by Gloria Singer on Thursday, March 30th, 2017 at 9:16am.

Spring has officially arrived and the Florida Realtors® market report for February 2017 has come with it. The real estate market in Palm Beach County continued its healthy streak from January. Though changes were more subtle, both sales and inventories went up continuing our ongoing trend of a balanced South Florida market.

Single Family Homes in Palm Beach County

February saw a slight increase in sales of single-family homes with 1,160 completed transactions, 1.2 percent more than last year. A 6.8 percent hike in the median sale price to $315,000 was even better news for sellers of single-family homes. Buyers were favored by a modest 3.3 percent growth in active listings for a total of 7,839. The month’s supply of inventory (the number of months it would take to sell all the current inventory at the current sales rate) was 5.4 — a key sign of a market favoring buyers and sellers equally.

Townhouses & Condos in Palm Beach County

Compared to single-family homes, the market changes for townhouses and condos were a bit more significant. Sales rose 4.1 percent with 950 completed transactions, while the median sale price climbed by 13.8 percent to $165,000 — both seller-friendly statistics. Buyers of townhouses and condos benefited from an inventory of 6,814 active listings, 2.2 percent more than in 2016. February’s month’s supply of inventory was 6.2, which represented another win for buyers.

 

Though the year-over-year changes weren’t as significant, February’s numbers were overall better than January’s. With relatively balanced growth in both sales and inventory — the Palm Beach County real estate market remains strong.

If you wish for a more detailed analysis of the communities in which you are interested in buying or selling, 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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