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Your Local Market Update: March 2017

Posted by Gloria Singer on Friday, April 28th, 2017 at 10:25am.

Florida Realtors® has released its report on the Palm Beach real estate market for March 2017. Overall, our local markets continue to be balanced, though the numbers reported have certainly demonstrated notable shifts when compared year-over-year. 

Single Family Homes in Palm Beach County

The statistics reported for Palm Beach County’s single family homes in March suggest that the market is working to the advantage of sellers — at least for the time being. Though still predominantly balanced, the 10.3 percent spike in closed sales and 8.9 percent rise in the median sale price are great news for sellers. That said, the month’s supply of inventory continues to linger around a balanced figure, even more so than the year prior when it came in at 5.1. Days to contract fell between February and March of this year, but showed a 19.1 percent increase when compared to 2016.

 

Townhouses & Condos in Palm Beach County

The year-over-year shifts witnessed in the Palm Beach County townhouses and condos market were very similar to those seen with single family homes. Prospective sellers will be happy to learn that statistics for closed sales and median sale price were both on the rise in March, by 6.5 percent and 4.5 percent, respectively. These numbers were met with equally positive numbers for buyers, with median days to contract on the rise (now at 56 compared to 53 in 2016) and a slight uptick for year-over-year active listings as well. Most notably, the month’s supply of inventory came in at 6.0, demonstrating a true balance of negotiating power between buyers and sellers in the real estate market.

As the local market continues to balance out, there’s truly no better time for buyers and sellers alike to jump right in. If you’re interested in buying or selling Palm Beach County real estate, give our experts a call for a more detailed market analysis.

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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