The median price of single family homes is up year over year 19.6% and townhomes and condos are up 15.2%. Palm Beach County is clearly in recovery. Closed sales year over year are up 15.4% for single family homes and pending sales are up an amazing 66%. The inventory of homes for sale has fallen from 10.3 months to a 4.7 month supply. More great news!
Last year, sellers were giving up alot. That is not true anymore. Priced realistically, sellers are now getting very close to their asking prices. The lower part of the market is demonstrating the most strength with investors still swooping in and picking up properties. Some of these properties are even going over asking price.
All property types for foreclosures shhowed a 47.5% decline from a year ago. However, shortsales have increased 15.6%. It seems that many banks are working with more homeowners who are upside down.
Understanding market conditions and trends locally and nationally is very important if you are considering buying or selling. Realistic pricing brings you motivated buyers often with cash in hand. By next week we will be in full season so if you are thinking of selling or buying, give me a call for expert advice on what is going on here with Real Estate in Palm Beach County
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