Sept 2018 Market Update – Palm Beach County

Here’s the market update for Palm Beach County for Sept 2018.

Highlights: Single Family Homes

  • Median Sales price went up $20,000 from 2017
  • Percentage of list price to sale price stayed about the same as 2017 (95%)
  • Inventory and Absorption Rate (months supply of inventory) stayed the same from year to year.

Absorption Rate:

  • 4.6 months supply of inventory
  • Translation: Seller’s Market
    • 5-6 months supply is a healthy market
    • Less than that is a seller’s market, which means that inventory is low and there are more buyers than sellers. Values go up when the supply is less than the demand.

Highlights: Townhouses/Condos

  • Median Sales price went up $3,000 from 2017
  • Percentage of list price to sale price stayed about the same as 2017 (94.3%)
  • Inventory went down slightly from 2017
  • Absorption Rate (months supply of inventory) stayed about the same from year to year.

Absorption Rate:

  • 5 months supply of inventory
  • Translation: Healthy Market
    • 5-6 months supply is a healthy market
    • There are an equal number of sellers and buyers; prices will be competitive but won’t be driven up, as inventory is sufficient for the market.

Call 561-806-8550 with questions!
Heather

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