Here’s your Palm Beach County Real Estate Market Report for April 2016.
Real Estate Market: Single-Family Homes
For the fourth consecutive month in 2016, Palm Beach County real estate market data paints a broad picture of a healthy, stable, and growing housing market. Overall, closed sales of single-family homes were a little lower, but cash deals were way down at more than -20%. As we predicted in the January 2016 Market Update, cash prices are continuing to decline as we approach summer time in South Florida.
That’s good news for home buyers active in the market, and it’s especially good news for first-time homebuyers looking for single-family homes. With cash buyers slowly retreating from the front-line of the market, competition, at least in that regard, will too. But competition among buyers remains steep.
For April 2016, closed sales were down -8%, while listings grew by 5%. That’s significant in a few ways, but the most important of which is this: median time to contract is down, and median time to sale is down, so homes are moving off the market quickly. But replenished inventory is making up the difference.
Another significant statistic for April 2016 is the fact that the median sale price was $307,125 – the highest media price recorded since 2008, according to RAPB. That’s well below the crazy highs of 2005, so it stands to reason that the market has “normalized”.
Another note about the median sales price is that fact that it’s only 3% higher year-over-year, as compared with prior years, when the median sales price was 8.5% (March 2016) and 10.5% (February 2016).
What The Market Report Tells Us For Sellers
Sellers should be aware that even though closed sales are down and listings are up, it’s still a great time to sell, so long as the property is priced right and the listing is effectively marketed.
Also, historically, summer time sees some of the highest months of dollar volume for the year. Take a look at the screenshot below. In the yellow box, you see the months with the highest gross dollar volume – April, May, June, and July – and in fact, 2016 is following the trend with a 12% increase in gross dollar volume.
So, the median home value is up, and more buyers are entering the market. We call that a seller’s market!
What The Market Report Tells Us For Buyers
Now is a great time to be a buyer, but for different reasons other than those outlined above. For home buyers, the key to finding the right home is finding a great home in an overlooked neighborhood. If you’re in a lower-than-average price range, you’ll have to be flexible in your specifics like location and features. But if you’re an “open book” buyer, you’ll find success.
Some hot areas to check out include Wellington, Royal Palm Beach, and Tequesta. These are areas where closed sales were higher than the county average, values are below the $300,000 median, and inventory is growing.
Ready to buy or sell a home?
Don’t wait! You never know what next month, or this summer, or this year will bring! Call us now to speak with an agent, and sell your home for top dollar quickly, or find that “gem” home of your dreams! Call 561-500-LIST (5478), or request an appointment using the tab below.
Call 561-500-LIST (5478) for a FREE consultation with one of our Realtors.
|SINGLE-FAMILY HOME||APRIL 2016||APRIL 2015||PERCENT CHANGE|
|Median Sales Price||$307,125||$296,500||3.6%|
|Days To Contract||51||58||12.1%|
|List to Sale Price||94.6||94.1||0.5%|
*Data provided by Realtor’s Association of the Palm Beaches (RAPB)