Sellers in Palm Beach County are smiling from ear to ear as the median home price for existing homes on the market rose significantly to $259,990 last June – that’s 16 percent higher than last year’s, according to data released this past week.
Sales also continued to stay strong with up to 1,494 homes changing ownership. That’s also an increase of 11 percent compared to June 2012’s statistics. It gets even better for sellers in Palm Beach County as they receive at least 94 percent of their list prices last month, up from 90 percent a year earlier.
This median price simply means half the properties sold for more and half for less.
In the county, a home for sale usually goes under contract within 56 days, down from 84 but some lower-priced homes are being sold faster – sometimes as fast as a few hours or days!
This rise in home prices across South Florida is a continuing trend due to the red-hot demand from investors and a limited inventory of residences for sale. Last month, Palm Beach County alone had 2,019 new listings but although this number is quite impressive, it’s still 41 percent lower compared to a year ago. One real estate agent even claims to have been able to find plenty of buyers to work with but nothing to sell them.
Sellers of single-family homes aren’t the only ones who have something to celebrate. For condominiums, the median price in the county has jumped 29 percent in June to $115,000.
However, sellers need to move fast as this type of market behaviour won’t last forever according to Svenja Gudell, an economist for Zillow.com.
If you’re looking to sell your home, then don’t hesitate. Start with a professional and efficient real estate team to take care of your needs! Get in touch with the Great Florida Homes Team now!
If you’re a buyer looking for a brand new active listing in Palm Beach or Broward County, you can also use their online property search tool so see what options you have depending on your location, price range and lifestyle!