Continued good news for the South Florida real estate market! Quail Ridge Country Club is seeing the same trend – with 52 sales year to date compared to 36 for the same period last year. Homes, villas and condominiums are all seeing increasing sales and stabilizing prices.
The following information was released by the Realtors® Association of the Palm Beaches today:
“The strong demand for homes in Palm Beach County is swaying home owners to put their property on the market. Year-over-year the number of new listings of single family homes increased 16.0 percent,” said Tim Harris, 2013 President of the Realtors® Association of the Palm Beaches. “Demand is extremely strong and inventory is very low in the $50,000 to $200,000 price range and it’s not uncommon for sellers to receive multiple offers for their property listing within days. However, there is still a good selection of homes available, especially in the $250,000 to $600,000 price range that are a very good value,” according to Harris. Closed sales continue to trend upward. In June 1494 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 price. Year over year the average days on market for single family homes decreased from 84 days to 56 days and on average homeowner’s 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 and 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 6 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.
The Realtors® Association of the Palm Beaches, “The Voice of Local Real Estate,” represents over 8,500 members involved in all aspects of the residential and commercial real estate.