It has been a bit rough for residential real estate in Palm Beach County, and this New Year proved to be no different (though better). In a recent Palm Beach real estate report, single family home sales in the county have fallen two months in a row now, while condo deals showed some improvement despite a similarly troubled track record.
An approximate total of 1,708 single-family homes were sold last month at a median price of $220,000 per property, according to the report. Sales were down 4.8 percent from the 1,831 deals done before but median prices still rose by $16,000, or about 5.4 percent.
Meanwhile, sales for condos and townhouses picked up slightly year-over-year. The market saw 1,275 unit sales last month, up 1.9 percent from 1,251 sales the year before. Prices also spiked 9.6 percent from $150,950 per unit to $165,500. As the figures show, sales for both sectors have fallen consistently since January, all while housing prices for Palm Beach County and South Florida in general continues their steady climb.
At the same time, a bevy of new housing inventory is hitting the market. January saw over 2,224 single-family homes hit the market in Palm Beach County, a rate that jumped 11.6 percent compared to the last quarter of 2016. Condo listings actually decreased 2.2 percent to 1,580 properties, although they surged by 11.9 percent just a month before. Though the overall figures paint a gloomy picture, there are still bright spots to report: home and condo sales between $300,000 and $600,000 grew considerably year-over-year, indicating that the luxury and distressed portions of the market both of which saw declines are to be blamed for an overall slowdown.
Just like Broward to the south, Palm Beach County’s housing market is tried to maintain it pace in early February. Home, condo and townhomes all suffered losses in sales volume towards the end of last year, but not, prices have maintained a steady rise.
The report shows the number homes were sold in Palm Beach County in the last quarter of 2016 marks a decrease in volume of nearly 15 percent year-over-year. However, so far, 2017 has been better. Condos and townhomes fared better, with the county recording over 2,000 units trading last month. Quite appreciable!
With the homes and condos trading, median sales price has also soared. The median closing price for a home hit $312,000 last month. Condo prices also spiked 8.9%.
Palm Beach County’s inventory is not at its peak yet. There are currently 2,200 active listings for single-family homes in the market: the county’s supply by has increased by 6.5 percent. Condos are experiencing a jump in inventory though, with active listings rising 5.6 percent over last year’s closing price.
The report shows Palm Beach is not immune from the residential market’s volatility that has stricken Miami-Dade, and to some extent Broward, since the beginning of this year. However it is trying very well to fight back and maintain it pace.