BOCA RATON, FL (BocaNewsNow.com) — Numbers just out from the Palm Beach Association of Realtors reveals good news of you're looking to sell your home. While we always caution on numbers released from a trade organization, the stats seem to be in line with what independent analysts are releasing nationally.
Simply put: your house in Palm Beach County is likely worth more now than it has been over the past few years.
The strong demand for homes in Palm Beach County is swaying home owners to put their properties on the market. Year over year the number of new listing of single-family homes increased 16 percent.
Closed sales continue to trend upward. In June, 1,494 single-family homes closed marking a six-plus year high for Palm Beach County. Year over year the median price for single-family homes in Palm Beach County increased 15.6 percent and pending sales increased 68.4 percent. As a result, sales are closing quicker and homeowners are getting offers that are reflective of their original asking prices. Year over year the average days on market for single-family homes decreased from 84 days to 56 days, and on average, homeowners are receiving between 92 and 93 percent of the original list price.
Market indicators including closed sales and new listings of townhomes and condos differ considerably from single-family homes. Year over year the number of closed sales decreased 16.9 percent and new listings decreased 8.7 percent. Year over year the median price increased nearly 30 percent, the average days on market dipped from 79 days to 59 days and inventory is at a 4.3 months’ supply, which is considerably lower than what is considered a normal supply, which is six months.
The real estate market has remained strong for the past two years. New listings are a result of this upward trend and should help generate an increase in inventory in the coming months.