REALTOR GROUP: Local Home Values Soaring

BOCA RATON, FL (BocaNewsNow.com) — We always raise a flag of caution when we report numbers released from a trade organization, and that holds true today with numbers just out from the Realtor Association of the Palm Beaches. But with that disclaimer, things are looking significantly better than they were if you are trying to sell your home. Simply put: it looks a lot like a seller’s market in Palm Beach County.

According to the RAPB:

Year-over-year the number of pending single family home sales increased 40.5 percent during the second quarter of 2013.  “Buyers are moving onto the playing field and making offers far quicker than in previous quarters,” according to Tim Harris, 2013 President of the Realtors® Association of the Palm Beaches (RAPB). “The strong demand for single family homes coupled with shrinking inventory levels and rising property values is motivating buyers, especially those looking for homes under $200,000 to make an offer sooner than later.”

During the second quarter of 2013, the median price for single family homes in Palm Beach County increased 14 percent year over year and the month’s supply of inventory decreased from a 9.1 months’ supply to a 4.8 months’ supply. “As a result, Palm Beach County is transitioning from a balanced-market to a sellers-market,” said 2013 RAPB President-Elect Barb Kozlow. “The rise in demand, lack of inventory and increase in property values should motivate seller to list their home with a REALTOR® in the coming months.”

Closed sales increased during the second quarter 2013, single family homes were up 12.9 percent and townhomes and condos were up 2.9 percent from a year ago. In addition, new listings of single family homes increased 8.9 percent.

Year-over-year, the number of closed distressed property sales, including short sales and foreclosures for both single family homes and townhomes and condos, declined during the second quarter of 2013.

In “The Sunshine State”, the Broward-Miami-Dade-Palm Beach County Metropolitan Statistical Area (MSA) had the most closed sales during the second quarter of 2013 (9,137 single family homes and 11,177 townhomes and condos) and ranked second in the state for year-over-year quarterly price gains (single family homes increased 23.3 percent and townhomes and condos increased 27.8 percent). Across the board, the housing market in Palm Beach County is expected to experience positive growth through 2014.