The Current State of the Housing Market
According to the National Association of Realtors, existing home sale transactions on a nationwide basis rose in October by 1.9% to a seasonally-adjusted annual rate of 5.46 units. Year-over-year sales were up by 4.6% from 5.22 million units in October 2018. The nationwide median existing home price across all housing types for October was $270,900, up 6.2% from October 2018. Prices rose in all regions and this month’s price increase marks 92 straight months of year-over-year gains.
Total housing inventory was down approximately 2.7% from September 2019 to 1.77 million units. Unsold inventory equates to a 3.9-month supply at the current sales rate which is down from 4.1 months as reported for the month of September.
The State of Florida
Single-family home sales during the month of October remained strong across the State of Florida according to FloridaRealtors®. Year-to-date 2019 sales of single-family homes were reported to be 246,721 units which is up 4.3% as compared to the same period in 2018. This is consistent with the overall dollar volume of $85.3 billion which is 6.1% greater than realized in 2018. The year-to-date median sale price is $262,872 and the average sale price is $345,840; both are up 3.5% and 1.8%, respectively, based on the same period in 2018.
The inventory (active listings) of single family homes throughout the state of Florida as of the end of October 2019 was 87,616 units which represents a 7% decline from that found during October 2018 and equates to a 3.7 month supply at the current sales rates. The trend of decreasing inventory levels has continued since July and is currently near the lowest levels this year-to-date.
Throughout South Florida (Miami-Dade, Broward and Palm Beach County) single-family home sales were flat with year-over-year sales for the month of October 2019 showing a 0.1% increase and year-to-date sales reporting a 0.5% gain. Overall dollar volume was also flat at $20.4 billion year-to-date which is a 1.2% increase for the same period in 2018. The median sale price for both the month of October and year-to-date was $360,000, or up 2.9%.
Overall inventory levels (active listings) of single-family homes within the South Florida area at the end of October 2019 was 18,330 units. This level represents a 7.8% decline from the amount reported during October 2018 and equates to a 4.8 month supply at the current sales rates. The trend of decreasing inventory levels has continued since the months of August and is also near the lowest levels this year-to-date.
Palm Beach County
Single family home sales in Palm Beach County during the month of October 2019 lagged prior year results. Overall sales were 6.2% less than October 2018 and 1.3% below the 2018 year-to-date levels. Additionally, dollar volume was more than 10% below October 2018 levels at $709.3 million with year-to-date sales of $8.2 billion also lower by 2.5%. The median sale price rose during the month to $359,000 (up by 3.3%) with the year-to-date median at $352,500 (up by 2.2%).
The trend of declining inventory levels continues with a 9.7% decline year-over-year but the year-to-date average remains steady as compared to 2018 levels with a slight increase of 0.6%. At this time there is a 4.5-month supply of inventory based on the current sales rate.
Featured Towns and Cities
Below you will find the most current housing market data for single-family homes in several of the largest individual cmarkets in Palm Beach County.
October 2019 was a down month for single-family homes sales in Boca Raton with overall closed sales down by 12.7% for the month and 3.6% this year-to-date. Overall dollar volume was down by 6% in October but is still exceeding year-to-date 2019 levels by almost 2%.
The median and average sale price continues to climb. For the month of October median and average sales prices improved at 4.4% and 7.8%, respectively and at 2.7% and 5.5% this year-to-date.
The single-family home market in Jupiter experienced a decline in the number of closed sales during the month of October 2019 by 13% (year-over-year) but still exceeds the year-to-date number by 3.3%. Aggregate dollar sales volume was down by 3.8% in October but year-to-date sales are still ahead of the 2019 by more than 7%.
The median sales price did drop in October to $527,000 which is a decline of 4.2% but the average average sale price rose by more than 10% to $802,359 indicating that higher end home sales remain strong.
Palm Beach Gardens
Single-family home sales in Palm Beach Gardens were down with respect to over closed sales (5.9%) as well as dollar volume (21.5%). However, year-to-date sales and dollar volume levels remain consistent with that experienced in 2018.
The median sale price did increase by 11.7% to $525,000 but the average sale price experienced a 15.5% decline to $632,978. Both levels are experiencing a moderate year-to-date gain.
West Palm Beach
October 2019 was a fairly significant down month for single-family homes sales in West Palm Beach with both closed sales and dollar volume down (year-over-year) by 27.5% and 34.9%, respectively. Year-to-date levels are also down but not as significantly as that which was experienced this past month.
The median single-family home sale price increased by 5.4% to $295,000 but the average sale price experienced a 9.6% decline to $342,555. Year-to-date both the median sale price and the average sale price are higher than 2018 levels at 1.7% and 6.5%, respectively.
Chris and Amy Losquadro – Your Trusted Real Estate Advisors
Before your clients, colleagues, and friends get started with any real estate transaction, have them call Chris or Amy. No matter what the situation, the type of property, its price point, or where its located, we will make sure they are making the right decisions and are being well served.
Since our inception more than 20 years ago we have successfully completed more than $400,000,000 in real estate transactions and performed advisory services on more than $1 Billion in real property investments.
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