Palm Beach County
Season is well under way and it appears our snowbirds are enjoying more R & R than buying so far this year. February numbers reveal that sales have slowed by almost 10 percent with cash sales also sliding. $340,000 is now the midline price for Palm Beach County. The downtick in sold numbers means there is now more inventory for a buyer to shop from. At almost a 6 month's supply of inventory, this is considering a balanced market . As we continue to monitor this over the next few months, this could very well be a favorable condition for buyers considering their next purchase. If you're a seller needing to move up or to downsize, you will need to be prepared for more competition and consider pricing ahead of the market instead of overpricing and expecting the market to catch up to you.
Townhomes and condos remain in the very humble $183,000 median price and are taking almost as long as a single family home in a higher price bracket to sell. From list to close, February stats show it takes 60-61 days of marketing time to sell a home, townhome or condo right now.
Martin County has seen a surge of activity as prices rise in Palm Beach County sending buyers North. Comparing February 2018 to this year, Martin County is almost even with properties sold with more cash purchases for single family homes and almost 6 months worth of inventory. The scurry in Martin County exists in the townhome and condo market where it takes just a little more than 2 weeks to sell and there is less inventory.
Now is still a great time to sell and to buy. Interest rates that were expected to rise at the beginning of this year remain low and are expected to hold steady going into 2020.
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