Condo Sales On The Rise As Home Sales Decline In County

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Staff report

The monthly market statistics for August show a 7.9 percent year-over-year decrease in closed sales of single family homes in Palm Beach County and a 7.9 percent increase in median sales price to $340,000.

There was a 4.7 percent year-over-year increase in closings for condominiums and townhomes and 9.4 percent 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 percent 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 percent to 499 and the median  percent of original list price decreased -.2 percent. The median time to contract increased 8.9 percent to 49 days.

For more information, visit Florida Realtors® Monthly Market Detail – Aug. 2017

www.rapb.com/market-updates