Palm Beach County single family home prices have moderated early in 2015 allowing buyers to snap up homes at a reasonable cost, but as inventory declines, it is anticpated that prices will increase.
March was a banner month for sales, but prices were lower than a year earlier and just three percent higher than in February, according to statistics released by the Realtors Association of the Palm Beaches.
Nearly 1700 homes sold throughout Palm Beach County in March, 38 percent more than a year ago and 27 percent more than in February. And with the season nearly over, conditions are ripe for a surge in spring buying as more people permanently relocate to South Florida and snow birds vow not to spend another winter up north.
Throughout Palm Beach County the median price of a single family home was $279,000 in March, compared with $270,000 in February and $287,000 a year ago. Median price reflects half of the homes selling at a high price and half selling lower.
With pricing this attractive, homes are selling rapidly, nearly 20 percent quicker than a year ago.
What this means for buyers is that when you are house hunting and find an appealing property, it is best to move forward with an offer, because it may not still be there a few weeks down the road. There is still an ability to negotiate price and terms for the sale, but if the house is in top condition and priced to the market, it will likely sell quickly and close to where it is listed.
Each community is different and while some are seeing prices escalate more rapidly, others are lagging. To find the best buying opportunity, chose a realtor who knows the market and will show you all area homes that meet your criteria. I research the market regularly and am able to find the best home for you at the lowest price. I work primarily with buyers so I can be in hundreds of neighborhoods showing homes in any given month.
Please contact me directly for a no obligation discussion of your real estate needs. I look forward to hearing from you.