Palm Beach County January 2015 Market Update
Palm Beach County, Florida Market update and comparison to January 2014, courtesy of RAPB shows that number of single family home sales increased by 14.6% while condos and townhouse closed sales were down by 8.1%. At the same time, the median sales price for single family homes in Palm Beach County compared to January of 2014 was down slightly by $1250 (8.1%), while condos and townhouse prices actually increased by 10.6% to $130,000 – compared to $117,500 in January 2014.
So while single family home sales in Palm Beach County were up in quantity by 14.6%, prices were essentially the same as January of last year. Condos and townhouses however had 8.1% fewer sales, yet had a median price increase of 10.6% – from $117,500 to $130,000.
Inventory for single family homes has increased by 18.7% from 6,594 in January 2014, to 7,828 this January. More inventory without a corresponding increase in demand means the possibility of slightly lower to flat sales prices in the near future.
Condos and townhouses have virtually no change in inventory this January compared to last January, with an increase of only 0.3% for a total of 6,680 units on the market in Palm Beach County this past month (January 2015). Demand and inventory for condos and townhouses are relatively flat so prices will probably remain fairly stable in the near future as well.
Here is the complete RAPB January 2015 Local Market Update for Palm Beach Country, FL.