Realtor Group Says Palm Beach County Home Prices Are Heading Up

Boca Business News

BOCA RATON, FL (BocaNewsNow.com) — Good news if you are planning to sell your home. The Realtors Association of the Palm Beaches just released its monthly update, and the numbers look good. Keep in mind that numbers from Realtor organizations occasionally differ from organizations that are not directly related to those who buy and sell property professionally, so — as with anything — we encourage you to do your own research when determining how much your property is worth.
Here is the media advisory from the Realtors Association of the Palm Beaches:

The median sale price of single-family homes in Palm Beach County is $197,000 up from $190,000 the previous year.  The median townhouse-condo price in Palm Beach County is $82,500 up from $75,000 from a year ago.
Less than one in five: that’s how many closed; residential home sales are currently in financial distress.  At present, exactly 19 percent of all closed sales in the region were either foreclosures or short sales.  It is the smallest share since June 2009.  Distressed inventories are at 2007 levels.
According to Bonnie Lazar, President of the Realtors® Association of the Palm Beaches, “The positive signs we are experiencing with traditional sales, coupled with the 73 percent year-over-year decrease in lender-mediated inventory, and the development of Bank of America’s newly-announced “accelerated” short sale procedures, positions the housing market in Palm Beach County for brighter times ahead.”
Total March pending single-family home sales in Palm Beach County are up 70 percent from a year ago, up from 1,383 to 2,351, and townhouses and condos are up 41.1 percent from 1,670 the previous year to 2,357 in March of 2012.
Total inventory of single-family homes decreased 38 percent from 13,553 the previous year to 8,409 in March of 2012.  Inventory of townhouses and condos shrank 40.8 percent, from 14,298 a year earlier to 8,461.  The months’ supply of inventory for single-family homes declined 54.1 percent down from 13.5 a year ago to 6.2 and the months’ supply of inventory for townhouses and condos declined 53.1 percent from 12.8 a year ago to 6.
“The data indicates that property prices have hit the bottom, turned the corner and we’re heading uphill.  The decrease in inventory and increase in buyers has generated a more competitive marketplace which has positively impacted property values,” said Tim Harris, President-Elect of the Realtors® Association of the Palm Beaches.
The Realtors® Association of the Palm Beaches, “The Voice of Local Real Estate,” represents over 7,500 members involved in all aspects of the residential and commercial real estate industries.