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.
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.
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.
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