A quick glossary of the terms that come up constantly in coastal Palm Beach County real estate — useful whether you're reading a market report or a listing for the first time.
Months of supply
An estimate of how long it would take to sell every home currently listed at the current sales pace. Roughly four to five months or fewer generally favors sellers; six or more starts to favor buyers.
Median days to contract
The midpoint number of days between a home being listed and going under contract. A falling number means homes are selling faster than before.
Percent of list price received
The final sale price as a percentage of the home's original asking price. A number close to 100% means very little negotiating room; a lower number means sellers are typically coming down meaningfully.
Year to date (YTD)
Cumulative totals from the start of the calendar year through the most recent reporting month. For small towns with very few monthly sales, YTD figures are far more reliable than any single month.
Milestone inspection
A Florida-required structural inspection for older condo buildings, triggered at specific age thresholds that are shorter for buildings closer to the coastline.
Homestead exemption
A property tax reduction available to Florida residents on their permanent, primary residence — not automatic, and must be filed for.
Frequently asked
What's considered a "tight" real estate market? Generally, months of supply under four to five is considered tight and favors sellers.
Why do market reports emphasize year-to-date numbers for small towns? Because a handful of sales can swing a single month's median dramatically; YTD figures smooth out that noise.
Have a term you keep seeing that isn't explained clearly? Browse the coastal luxury home search or call Damara Cohn, Broker, at (561) 637-4559.