Palm Beach County home sales hit 18 month low
November 28, 2015 | Richard Sites
Statistics recently released by the Realtors Association of the Palm Beaches show that sales of homes existing homes in Palm Beach County have hit an 18 month low. This represents the first drop in sales since March 2014. And the supply of homes for sale continues to climb to a more normal range.
This is called the “absorption rate” and a supply of about 6 months is considered normal.
What is interesting though is that the amount of time single family homes are on the market has taken a tremendous decrease. Days on market has dropped 32% from 55 days to just 37 days. Median home prices did increase 3.6% to 285,000.
What this means is that if you are looking to buy a home you may have more inventory to choose from. And if you are selling, while the percent of the list price received is still at around 94%, the competition is increasing and the amount of time required to sell may also rise in the future. The real estate market is a dynamic one and conditions are always changing.
If you are searching for homes in this area, let me show you the ones that would meet your lifestyle needs the best. Unlike most agents, I have looked in this area for 25 years and know the market inside and out. You can use the contact form below to reach me or call directly at 561–762–4073.