Hello Everyone and thank you for watching. This is Gia with Palm Beach Premier Real Estate here in Boca Raton Florida with your 2-minute local market report for OCTOBER 2017.
So here’s a quick take on the numbers that came out from the Realtors Association of the Palm Beaches
The message from your team here at Palm Beach Premier Real Estate this month is:
Continued Lingering Effects of Hurricane Irma Slowed Sales
So let’s take a closer look at the internal real estate market numbers…. What we’re seeing is the following:
- FIRST – The lingering effects of Hurricane Irma continued to negatively impact overall South East Florida Home Sales in October.
- October was essentially a catch up market for deals that were delayed the month before. Although that wasn’t enough to boost South Florida’s home market.
- In Palm Beach County, single-family home sales decreased 3.8 percent to 1,261 while the median sales price was up 4.8 percent to $325,000
- Active listings declined 3.1 percent so the supply of inventory dropped to 4.8 months. That’s a seller’s market.
- A limited supply of affordable homes was also an issue in Palm Beach. Of the 6,948 active listings, only 1,490 were priced below $300,000
- For the condo/townhouse market in Palm Beach, sales plummeted 8.5 percent to 901 while the median sales price surged 10.6 percent to $169,000 - Cash deals dropped 15.3 percent
- Active listings increased 3.2 percent so the supply of inventory increased to 5.6 months. Again….That’s still a seller’s market.
Of course some of these changes could simply reflect the reality that home prices are rising
So …as we continue to look for clear trends and market changes….here are some summary takeaways
- A shortage of inventory continues to create upward pressure on prices
- Despite the residual effects of hurricane Irma, prices are still appreciating and new pending sales are up
- Still a seller’s market