Home Prices in Palm City FL 34990 for August 2014
Palm City Home Prices
Year over year, home listing prices in Palm City have remained flat so far this year, after moving up about 10% year over year last year. As inventory begins to return to equilibrium market levels, I would expect home prices to increase at around 3 to 4 % with the CPI going forward. Although home sale prices continue to rise in Palm City since February, they are not rising as fast as they did last year as we came off the bottom of the market in 2013. We have seen nearly 8 months of listing prices remaining flat for home prices in Palm City, however the median sold price has risen every month since May. I expect listing prices and median sold prices to get a little closer to each other and then level off with about a 10% difference between the two, which is what you normally see in a healthy market in Palm City.
If you are considering buying a home you can still find deals on a house in Palm City, but having a great real estate agent who understands the market is a must. Most of "the good" listings are going under contract within a few days of hitting the market. As you can see from the graph above, listings are not selling exactly for asking price. To make sure you don't overpay for your home, you'll want to have an agent that does a thorough market analysis of the Palm City home that you want to make an offer on.
If you are interested in how much current inventory is on the market in Palm City you can find that information by clicking on the link. High inventory will suggest that homes are sitting on the market for longer. Currently in Palm City, homes have a median time of 120 days on the market before they sell. This would suggest that buyers are in a great position to make an aggressive offer on a home, which in some cases is true. Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers. Low inventory in some neighborhoods in Palm City has multiple offers coming in on homes, similar to what we saw back between 2004 to 2007. I don't expect home prices to run up quite as fast as they did back then as banks are now a lot stricter on lending guidelines and are no longer doing 100% financing, at least not very often.
Palm City Real Estate Report Summary
The number of active listings in Palm City (34990) increased by 2.7% from the previous month.
The median number of days active properties have been listed is 120.
The number of sales in January dropped by 70.3% from the previous month.
Homes are selling at an average of $140/SF AC, which or course, varies from neighborhood to neighborhood.
Find Homes for Sale in Palm City FL 34990
Visit my website to search for homes in Palm City or to be notified when Palm City homes that meet your search criteria come on the market by setting up a Listing Alert.
My name is Andy Spears and I am a Martin County real estate specialist. Over the past 4 years, I have earned the distinction of running the top producing team at Keller Williams of the Treasure Coast. If you would like to schedule a buyer or seller meeting with me, please feel free to call me directly at 772-263-2515 or send me a note here.
Keller Williams This Month in Real Estate August 2014
Real estate market data for Palm City, FL provided by Andy Spears of Spears & Associates Real Estate Team of Keller Williams Realty.
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