What took place in the Wellington Florida real estate market in 2017? Home sales decreased, the median sales price increased and days on market increased. While Wellington was predominantly a sellers market in 2016, in 2017 it was a stable market 92% of the time. Back in 2016 1,371 homes sold while in 2017 there were only 1,296 home sales, almost a 6% decrease.
There was a small shift in buyer profiles, cash vs. financing, but overall they didn’t change much. 33% of buyers paid cash in 2017 and 37% paid cash in 2016. Financed buyers ended as follows; in 2016 39% were conventionally financed, 9% FHA financed and 15% were other, such as VA or private financing. While in 2017 50% were conventionally financed (+11% increase), 11% FHA financed (+2% increase) and 7% were other (-8% decrease).
Distressed sales, short sales and bank owned homes, decreased in 2017! Back in 2016 distressed sales made up 12% of home sales (9% bank owned & 3% short sales), but in 2017 distressed sales made up 7% (5% bank owned & 2% short sale). Considering back in 2015 distressed sales accounted for 19% of the home sales and in 2014 they were at 20%, so 7% total is a great sign.
The median sales price in Wellington increased almost 2.5%, from $360,000 in 2016 to $368,888. It wasn’t like the 7% increase we saw from 2015 to 2016, but it was an increase, which is always a positive. Since Wellington was a stable market a majority of the year it’s no surprise the days on market went from 42 days in 2016 to 63 days in 2017. This number will go up in 2018 if Wellington becomes a buyer’s market or down if it becomes a seller’s market.
Wellington Florida 2017 Year in Review at a Glance
Check out the 2017 year in review real estate reports for the most popular communities in Wellington Florida by clicking on the link below.
If you are looking to rent, buy or sell your Wellington home in 2018 call me today at 561-333-0446 or e-mail me at Contact(at)WellingtonHomeTeam.com. I will walk you through the entire renting, buying or selling process from start to finish and beyond!
Information provided by Beaches MLS on January 9th, 2018 and deemed reliable, but not guaranteed
Wellington Florida 2017 Year in Review