Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in Palm Beach County. The reports compare year-over-year data for October. Here are statistics on single family homes.
“The numbers we are seeing year-over-year for single family homes may not show the true picture since September, October, and even November of 2017 may be skewed due to the lingering effects of Hurricane Irma in the Palm Beach County market. What we should look at is year-to-date numbers which continues to show a flattening market in all aspects. Median and average sale price along with dollar volume of units sold are still increasing which in turn is also contributing to the slowdown in sales as properties become less affordable,” said Jeffrey Levine, Incoming President of the Realtors® of the Palm Beaches and Greater Fort Lauderdale.
Year-to-date, median sale price is up 5.0% to $345,000, and average sale price is up 10.9% to $557,735. Our current year-to-date dollar volume is up 13.7% to $8.4 billion, which is the sum of 15,000 transactions closed this year.
“Rising interest rates along with increased pricing is making it harder for some buyers to qualify for necessary financing for these properties. There is a slight uptick on inventory numbers, and if that continues to increase, we will likely see prices start to peak,” continues Levine.
Year-over-year, inventory of active listings is up 2.3% to 7,108 listings. Also, the national average APR for a 30 year fixed mortgage is 4.75% as of November 19, 2018, according to Bankrate.com.
The Realtors® of the Palm Beaches and Greater Fort Lauderdale is the 3rd largest local real estate association in the country. As one unified voice, RAPB + GFLR represents 30,000 Realtors®, 33,000 MLS subscribers, and 5 regional boards across South Florida and the Treasure Coast. For more information, contact firstname.lastname@example.org.