Palm Beach County Real Estate Demand Continues Increasing through Summer 2015
Year-over-year market statistics for July 2015 reported accelerated demand for single family homes in Palm Beach County. Closed sales rose 19.5 percent from 1,515 to 1,810 transactions, and median sale price rose 3.3 percent from $280,000 to $289,250. Meanwhile, median days on market dropped a significant 30.9 percent from 55 to 38 days. As for inventory levels, they continued to decline, down 6.7 percent from 7,246 to 6,761 active listings and down 21.6 percent from 5.7 to 4.5 months’ supply. The silver lining, however, was the 7.4 percent increase in new listings, meaning sellers have finally begun to seize their opportunities in this Seller’s market.
“Home sales in Palm Beach County dropped to an impressive 38 median days on market with sellers obtaining an average of 94 percent of their original list price. If you are a looking to sell your home, the first step is to ask a local REALTOR® for a Comparative Market Analysis (CMA). Your REALTOR® will use this tool to help you determine the most effective original list price for your property,” said Matt Halperin, 2015 President of the Realtors® Association of the Palm Beaches (RAPB).
For the townhouses/condos sector, we saw similar market indicators. Closed sales increased 24.8 percent from 1,054 to 1,315 transactions, and median sale price increased 12.8 percent from $128,500 to $145,000. Meanwhile, median days on market dropped 14.8 percent from 54 to 46 days. As for inventory levels, they continued to decline, down 7.3 percent from 5,919 to 5,484 active listings and down 9.5 percent from 5.2 to 4.7 months’ supply. We also saw a rise in new listings, albeit only a small 0.4 percent.
For detailed information about market statistics for Palm Beach County, visit www.BrianPearlRealEstate.com/Market-Reports.php.