HOME PRICES RISE AS INVENTORY DROPS IN PALM BEACH COUNTY
by RAPB Communications | Mar 22, 2017
WEST PALM BEACH, FLORIDA (March 22, 2017) – The median sale price for single family homes in Palm Beach County increased 6.8% to $315,000 in February as pending inventory dropped 6.8% to 3,090 homes.
“Pending inventory dropped last month which gave our active inventory room to grow. Palm Beach County saw an 8% year-over-year increase in months’ supply of single family homes. At 5.4 months’ supply, we are just shy of the benchmark for a balanced market [5.5 months’ supply] which favors neither buyer nor seller,” said Jeffrey Levine, President-Elect of the Realtors® Association of the Palm Beaches (RAPB).
“However, our median sale price is still rising so sellers have a slight advantage. If you have been on the fence about listing your property, a local Realtor® can help you analyze recent sales in your unique community,” adds Levine.
Closed sales in Palm Beach County increased 1.2% to 1,160 transactions with a 3.9% year-over-year increase in cash sales at 478 transactions.
Source: Florida Realtors® Market Report www.rapb.com/market-updates