Here’s your local Palm Beach County Real Estate Market Report for February 2016 from Copeland & Co. Real Estate!
Real estate market: single-family homes
Closed sales for single-family homes in the county of Palm Beach were lower than last month, and lower year-over-year by about 5%. That means that the number of real estate deals that made it to the closing table was lower than this time last year.
More significantly, though, it’s the number of cash deals that caught our attention – cash deals are down 16% year-over-year, from 546 to 460. Given that closed sales in February 2016 totaled 1,146, cash deals represents about 40% of the closed deals for the month. But as we observed in our January 2016 real estate market report, cash deals will continue to taper off as the year wears on – we just didn’t think it would be such a big drop.
Further, the median sale price jumped from $267,000 a year ago to $295,000 for February 2016, a more than 10% increase. In January 2016, that number was $285,000.
Monthly supply of inventory, a metric we monitor closely, tells us how long it will take the market to deplete it’s inventory of homes for sale. For February 2016, monthly supply of inventory was down 7.4%, to 5 months. Recall that any number lower than 5.5 months is considered to be a seller’s market under normal real estate market conditions.
Potential seller’s continue to enter the market in February 2016. New listings for the month totaled 2,288, almost a 9% increase over this time last year. That’s the biggest increase in new listings the market has experienced since March of 2015.
Over 2015 and so far for the year, new listings have consistently outpaced closed sales, creating a healthy cycle of properties coming on and off the market to sustain Palm Beach County’s massive buyer demand.
Real estate market: condos and townhomes
Closed sales in the condo and townhome market in Palm Beach County suffered a slight decline year-over-year of about 6%. We will see this trend continue as the demand from buyers in Palm Beach County continues to focus on single-family homes in the low to mid-price range.
Also tapering demand for condos and townhomes in the county are the association dues, fees, and costs required to purchase a condo, as well as the inflated insurance and tax requisites.
However, some good news for condo and townhome owners that are thinking of selling: median time to contract, or the median (middle) days it takes to go under contract, was down 15% from a year ago. Also, median (middle) sales price was up about 13% to $128,000.
So, condo and townhome prices are rising, and the ones that are for sale on the open market are going under contract faster than they were this time last year.
Is now a good time to sell your home?
Now may be a good time to sell your home, depending on what your home has to offer, and whether it can stand out in the market! Homes in the $300,000 to $600,000 range are experiencing growing competition among buyers, while homes in the sub-$200,000 range cannot stay on the market for even a day if they are priced right. Our REALTORS® Tracie Copeland and Jennifer Booker has sold no less than 3 homes this month, all under $350,000, which were under contract in one day of being listed for sale on the MLS.
If you’re ready to sell your home in one day, call us at 561-500-LIST (5478), and ask us about our Marketing Listing Plan of Action, and how we use it to get your home sold!
|SINGLE-FAMILY HOME||FEBRUARY 2016||FEBRUARY 2015||PERCENT CHANGE|
|Median Sales Price||$295,000||$267,000||10.5%|
|Days On Market||56||64||12.5%|
|List to Sale Price||94.2||94.1||0.1%|
*Data provided by Realtor’s Association of the Palm Beaches (RAPB)