Median Home Price Dips, Market Rebalancing in Palm Beach County

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 February. Here are statistics on single family homes.

“We’re starting to see a trend in Palm Beach County with closed sales. February is the fourth consecutive month where closed sales have decreased year-over-year. However, it is worth noting that closed sales are affected by seasonal cycles, so actual trends are more accurately represented by year-over-year changes, rather than changes from one month to the next,” said Jeffrey Levine, President of the Realtors® of the Palm Beaches and Greater Fort Lauderdale.

In February, we saw closed sales decline 9.8 percent to 1,098, a significant decrease from the 1,217 we saw in February of 2018. Closed sales paid in cash also declined year-over-year by 7.5 percent to 430.

“Median sale price also decreased, down 1.4% year-over-year to $340,000. This is the first time we have seen a decrease in median sale price year-over-year since March of 2015. This price adjustment is further indication that Palm Beach County is rebalancing between buyers and sellers.  If you are interested in buying or selling a home, contact a local Realtor® for advice about today’s market conditions,” continues Levine.

Median sale price is our preferred summary statistic for price activity because, unlike average sale price, median sale price is not sensitive to high sale prices for small numbers of homes that may not be characteristic of the market area.

Market Reports: Palm Beach Single Family | Palm Beach Townhouses/Condos

Broward, Palm Beaches & St. Lucie Realtors® is the 3rd largest local Realtor® association in the country, representing 33,000 Realtors®, 35,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast. For more info, visit Rworld.com or contact Communications@rworld.com.