November 2015

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Real Estate Market Update - November 2015Throughout the month of November 2015, the Palm Beach County real estate market continued its stable, strong growth. Homes are selling at a good pace, and prices are up, but not out-of-control. The market stats from the Realtors Association of Palm Beach (RAPB) are at the bottom of this post, but here is a summary.

Closed sales transaction pick up year-over-year

Compared with this time last year (November 2014), the number of homes sold grew to 1,186 for the month of November 2015, a 7% increase in the number of total transactions. That’s great news for sellers, and buyers. There are more buyers in the market, yes, but sales are keeping pace. That makes for a more stable market for all players involved.

Single-family home median sales price came in at $295,000 throughout the county, and 11% increase over the median sale price of about $265,000 for November of 2014. That means home prices are continuing to rise. That is great news for existing homeowners, but don’t be mislead about that figure. That figures accounts for all homes sold in the county, which includes a million-dollar sale being averaged with a sub-$100,000 condo sale.

For an average middle-class neighborhood in Palm Beach County, buyers can expect to pay somewhere closer to $220,000.

Home sales prices and median days on market

Median days on the market figure continues to narrow. Year-over-year, the days a home stayed on the market for sale shrinked from 62 to 37 from November 2015-2015, a 40% crunch. That means homes are selling on average within 37 days. Combined with the new TRID trends, and lenders preferring a 45-day closing period, home sellers can expect to close their deal within about 82 days from the moment you decide to sell to when you sign the closing documents.

Slightly bad news for buyers, though – active listings dropped to a little over 7,300 in November 2015, compared with nearly 7,600 this time last year. That means inventory continues to get squeezed. Buyers who are serious and ready to pull the trigger should not hesitate. If you find a home you love, come in with an offer that is fair and reasonable. There are too many buyers in the market right now vying for too few homes, and sold prices are coming in pretty close to asking price at $0.93 on the dollar.

SINGLE-FAMILY HOME NOVEMBER 2015 NOVEMBER 2014 PERCENT CHANGE
Closed Sales 1,186 1,104 7%
Median Sale Price $295,000 $265,012 11.3%
Med. Days on Market 37 62 -40%
Active Listings 7,320 7,591 -3.6%
List to Sale Price 93.5% 93% 0.5%

 

Any questions? Feel free to call one of our Realtors anytime at 561-500-LIST, and we’ll be happy to give you a free answer.

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