Median Sale Price Up, Closed Sales Down 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 October. Here are statistics on single family homes.

“Last month, I noted that we have seen the median sale price in Palm Beach County stay at the $355,000 mark for three consecutive months. This changed in October as the median sale price increased 3.3 percent to $359,000,” said Jeffrey Levine, President of Broward, Palm Beaches, and St. Lucie Realtors®.

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

“Despite the increase in median sale price, closed sales decreased 6.2 percent to 1,369. With winter approaching, it’s worth taking a closer look at the fluctuations between median sale price and closed sales to see how they will impact Palm Beach County real estate in 2020,” continues Levine.

Closed sales are one of the simplest – yet most important – indicators for the residential real estate market. 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.

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