Palm Beach County Florida is one of the more popular communities and areas along Florida's southeast coastline. It encompasses many popular cities such as Palm Beach Gardens, Jupiter, Riviera Beach and North Palm. According to the Realtors Association of Palm Beaches, here is a local market update for Palm Beach County as of January 2014.
For single-family homes:
There were 1014 closed sales, which were up 5.1% over last year at this time. The median home price is up 17% at $255,000. The median days on the market are 53, which is down 37.6%. This is quite a substantial difference over January 2013.
Inventory for active listings or 7218, which is up 6.9%. Month’s supply of inventory is 5.5, which is down 5.6% over 2013.
For condominiums, townhomes, multifamily and lofts:
Closed sales were up 4.7% at 919 for January. The median price for a condominium in Palm Beach County was up 30.8% at $117,750. Median days on the market were down 21.9% at just 57 days.
Active listings for inventory were down 10.9% at 6396. Months in supply of inventory were down 7.8% at 5.7.
What does all this mean for buyers and sellers in Palm Beach County?
If you’re planning on selling over the next couple months, know that days on the market are lower but inventory is up so depending on your price range you may have more competition.
If you plan on buying, home prices have increased but not too dramatically that you will be facing outlandish prices. It’s good to know what your competition is facing as well as what buyers are seeing regardless of what side of the market you’re on.
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