WEST PALM BEACH, FLORIDA (September 20, 2017) – The Monthly Market statistics for August show a -7.9% year-over-year decrease in closed sales of single family homes in Palm Beach County and a 7.9% increase in median sales price to $340,000. There was a 4.7% year-over-year increase in closings for condominiums and townhomes and 9.4% increase in median sale price of this sector to $175,000.
“The statistics reflect more activity in the condo and townhome market in Palm Beach County that could be indicative of the affordability of these residences compared to single family homes,” said Jeffrey Levine, First Vice President, Realtors® of the Palm Beaches and Greater Fort Lauderdale
There was a .1% decrease in inventory (active listings) of single family homes to 6,798 and no change in the months’ supply of inventory at 4.6 months. Cash transactions decreased -2.3% to 499 and the median % of original list price decreased -.2%. The median time to contract increased 8.9% to 49 days.
Source: Florida Realtors® Monthly Market Detail – August 2017
The Realtors® Association of the Palm Beaches and Greater Fort Lauderdale is the 3rd largest local real estate association in the country. As one unified voice, RAPB + GFLR represent 28,000 Realtors®, 30,000 MLS subscribers, and 5 regional boards across South Florida and the Treasure Coast. For more information, visit www.rapb.com and www.r-world.com.