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Your Local Market Update: January 2017

Posted by Boca Expert Realty on Tuesday, February 28th, 2017 at 12:35pm.

The first month of the new year has ended and the Florida Realtors® report for January 2017 is here. Palm Beach County’s numbers show a market recovering from the holiday season slump in December as sales rose significantly year-over-year. Inventories also grew, beginning the year with a more balanced market. 

Single Family Homes in Palm Beach County

With the holiday season over, sales of single-family homes improved in January — welcome news for sellers. The month saw 1,146 completed transactions, a 4.9 percent growth compared to 2016. Inventory statistics balanced the market, with the number of active listings increasing by 7.3 percent. Meanwhile, the median sale price rose 9 percent to $310,000, and 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 5.3, pointing to a balanced market between buyers and sellers.

 single-family-homes

Townhouses & Condos in Palm Beach County

Coming out of last month’s dismal sales drop, January’s numbers were far more agreeable for sellers of townhouses and condos. There were 847 closed transactions, a 5.7 percent increase compared to 2016. A 7.9 percent increase in median sale price, coming in at $150,000, was another favorable metric for sellers. However, an inventory growth of 7.5 percent and an estimated 6.2 months supply of inventory indicate a continuing shift toward a buyer’s market.

 townhouses

 

During the start of the new year, the Palm Beach real estate market saw an improvement in sales along with continued growth in inventory — both signs of a robust market. We will, however, need to monitor the increasing inventory numbers in order to discern a shift away from a seller’s market towards a buyer’s market. 

Do you want to gain more in-depth information about the conditions of your local real estate market? Our team of Palm Beach real estate experts can help. Don’t hesitate to give us a call.

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. 

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