Palm Beach County’s residential real estate market seems to be balancing out, according to the Florida REALTORS® November 2016 market report. Unlike in October when sales rose but inventory continued to expand, the latest statistics point to a more leveled playing field for buyers and sellers. The report detailed a much needed growth in active inventory for the local residential real estate market, as well as increased sales.
Single Family Homes in Palm Beach County
Palm Beach County’s single family homes showed positive numbers across the board last month. Sales moved upward by 6.4 percent from 2015s stats, and the month’s supply of inventory grew from 4.6 the year before to 5.1. The full report brought good news for both buyers and sellers. In addition to the sales improvements, sellers will be happy to hear of a slight increase in median percentage of original list price received. Buyers, on the other hand, certainly benefited from the increased inventory, which will ideally serve to eliminate some of the heavy competition the local market has had over the past several months.
Townhouses & Condos in Palm Beach County
Those in the market for a townhome or condo in Palm Beach County will have an easier time in their search, according to the data for the month of November. The month’s inventory totaled 6,162, a 5.7 percent increase from 2015. Sixty-nine more homes closed during the month as well, a 8.3 percent change from the year before. Significantly, median sale prices rose 15.1 percent, a product of the aforementioned competitive nature of Palm Beach County real estate as of late. Buyers can ensure this competition doesn’t prove detrimental to their home search by enlisting a top agent, who will work closely with them to find the perfect home at the right price.
The strength of November’s market may not be reflective of what’s to come in 2017, as the Federal Reserve’s rise in interest rates is likely to be followed by additional increases in the coming year. A Boca Raton real estate agent can help you navigate the twists and turns our local market presents — and even better, prepare you for them before they even happen. To learn more about how we guide our clients through the process, call our office to speak to a member of our team today!
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