Hello Everyone and thank you for watching. This is Gia with Palm Beach Premier Real Estate here in Boca Raton Florida with your local market report for OCTOBER 2015. 

So here’s a quick take on the numbers that just came out from the Realtors Association of the Palm Beaches

The message this month is that: Home Sales Hit an 18-Month Low.

Per the Realtors® Association of the Palm Beaches the clear message is that: 

“Homes sales are down 0.4 percent year-over-year. Although this is a seemingly insignificant number, it represents the first drop in home sales since March 2014 for Palm Beach County. Also, our tight inventory is starting to ease up ? months’ supply of inventory is moving in the right direction for the 4th consecutive month. If this trend continues, we will soon find ourselves in a balanced market that no longer favors sellers." 

SO….If you are a seller, request a Comparative Market Analysis (CMA) now while buyers are still offering on average 94 percent of original list prices.”

So, taking a look at the local market statistics for last month:

In the single family homes sector, we saw declines in the following categories: closed sales, median days on market, and inventory levels. 

  • Closed sales decreased 0.4 percent 1,481 transactions, 
  • Median days on market decreased to 37 days. 
  • Inventory levels were down 5.5 percent to 7,125 active listings and down to 4.7 months’ supply of inventory. 
  • Meanwhile, median sale price increased 3.6 percent from $275,000 to $285,000, and 
  • Average percent of list price received remained unchanged at 94.0 percent.

In the townhouses/condos sector, we saw gains in the following categories: closed sales, median sale price, and average percent of list price received. 

  • Closed sales increased 2.9 percent to 1,209 transactions
  • Median sale price increased 11.5 percent to $145,000. 
  • Meanwhile, median days on market decreased to 48 days 
  • Inventory levels continued to decline, down to 5,818 active listings and down to 4.9 months’ supply of inventory.

We will of course continue to provide you with regular market updates. 

In the interim, if you are thinking of getting your home on the market, or you just want a second opinion of value or have questions, please give us a call here at 561.395.8418 or email us at Info@PBPrealestate.com 

As always we look forward to speaking with you. Thank you for watching. See you next time…