MIAMI — Palm Beach County total home sales surged as median prices, dollar volume and luxury transactions increased for all properties in July 2019, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Palm Beach County total home sales increased 10.8% year-over-year, from 2,714 to 3,007.
“Palm Beach real estate continues to attract high earners from tax-burdened states,” 2019 JTHS-MIAMI President Kim Price said. “With today’s low interest rates, now is the perfect time to purchase a home. Contact a MIAMI Realtor to get the local expertise to navigate the South Florida market.”
Total Home Sales Jump 10.8% in July
Palm Beach County total home sales increased 10.8% year-over-year, from 2,714 to 3,007.
Palm Beach single-family home sales increased 15.7%, from 1,534 to 1,775. Palm Beach condo sales increased 4.4%, from 1,180 to 1,232.
Palm Beach single-family home luxury sales ($1-million-and-up) increased 2.7% to 114. Palm Beach condo luxury transactions increased 6.1% to 35.
Single-family home dollar volume increased 29%, from $795.9 million to $1 billion. Condo dollar volume increased 21.3%, from $297.8 million to $361.2 million.
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.77% in July, down from 3.80% in June. The average commitment rate across all of 2018 was 4.54%.
Palm Beach Single-Family Home Median Prices Continue Rising
Palm Beach County single-family home prices increased 1.4%, from $350,000 to $355,013. Existing condo prices increased 4.5%, from $177,000 to $185,000.
Palm Beach Distressed Sales Comprise Just 3.3% of Total Sales
Only 3.3% of all closed residential sales in Palm Beach were distressed in July 2019, including REO (bank-owned properties) and short sales, compared to 2.9% in July 2018.
Total Palm Beach distressed sales increased 22.5% year-over-year, from 80 to 98.
Short sales and REOs accounted for 0.9% and 2.4%, respectively, of total Palm Beach sales in July 2019. Short sale transactions increased 52.9% percent, from 17 to 26. REOs increased 10.8%, from 65 to 72.
Palm Beach Real Estate Selling Close to List Price
The median number of days between listing and contract dates for Palm Beach single-family home sales was 49 days, a 4.3% increase from 47 days last year. The median number of days between the listing date and closing date for single-family homes was 94 days, a 3.3% increase from 91 days.
The median time to contract for condos was 53 days, even from last year. The median number of days between listing date and closing date was 95 days, a 1.1% increase from 94 days last year.
The median percent of original list price received for single-family homes was 95%. The median percent of original list price received for existing condominiums was 94%.
National and State Statistics
Nationally, total existing-home sales rose 2.5% from June to a seasonally adjusted annual rate of 5.42 million in July. Overall sales are up 0.6% from a year ago (5.39 million in July 2018).
Statewide closed sales of existing single-family homes totaled 28,142 last month, up 10.4% from July 2018., according to Florida Realtors. Florida’s condo-townhouse market totaled 10,470, up 4.3% compared to a year ago.
The national median existing-home price for all housing types in July was $280,800, up 4.3% from July 2018 ($269,300). July’s price increase marks the 89th straight month of year-over-year gains.
In July, statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for 91 consecutive months. The statewide median sales price for single-family existing homes was $268,000, up 5.1% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $188,000, up 4.4% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
Palm Beach Cash Buyers Represent More than Double the National Figure
Palm Beach cash transactions comprised 38.7% of July 2019 total closed sales, compared to 42.8% last year. Palm Beach cash transactions are more than double the national figure (19 percent).
Condominiums comprise a large portion of Palm Beach’s cash purchases as 51.6% of condo closings were made in cash in July compared to 29.7% of single-family home sales.
Seller’s Market for Palm Beach Single-Family Homes and Condos
Inventory of single-family homes decreased 3.4% in July from 6,723 active listings last year to 6,494 in July 2019. Condominium inventory decreased 4% to 5,462 from 5,692 listings during the same period in 2018.
Months supply of inventory for single-family homes stayed even at 4.5 months, which indicates a seller’s market. Existing condominiums have a 4.9-month supply, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six and nine months of supply.
Total active listings at the end of July decreased 3.7% year-over-year, from 12,415 to 11,956.
New listings of Palm Beach single-family homes decreased 2.1% to 1,873 from 1,913. New listings of condominiums decreased 0.6% to 1,379 from 1,388.
Nationally, total housing inventory at the end of July decreased to 1.89 million, down from 1.92 million existing-homes available for sale in June, and a 1.6% decrease from 1.92 million one year ago. Unsold inventory is at a 4.2-month supply at the current sales pace, down from the 4.4 month-supply recorded in June and down from the 4.3-month supply recorded in July of 2018.
To access July 2019 Palm Beach County Statistical Reports, visit http://www.SFMarketIntel.com
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of Realtors
The MIAMI Association of Realtors was chartered by the National Association of Realtors in 1920 and is celebrating 99 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward-MIAMI Association of Realtors, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents 47,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 215 international organizations worldwide. MIAMI’s official website is www.miamirealtors.com
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