WASHINGTON, D.C. – June 24, 2015 – (RealEstateRama) — The Palm Beach County market has accelerated, according to year-over-year statistics for May. For single family homes, median days on market dropped a whopping 25.0 percent (56 to 42 days), and closed sales bumped up 6.0 percent (1,640 to 1,739 transactions). Median sale price rose 4.8 percent from $281,900 to $295,000, falling just below the $300,000 mark we broke the previous month.
As for inventory levels, months’ supply declined for the fourth consecutive month, and this time, significantly at 21.1 percent (6.0 to 4.7 months). For buyers, this means a 6.0 percent decline in active inventory to shop (7,293 to 6,857 active listings).
“Palm Beach County has become a fast-paced market, particularly for single family homes, according to May statistics. We saw drastic declines in median days on market and months’ supply of inventory. Potential sellers who wish to capitalize on the momentum should contact their REALTOR® now. The market has accelerated, and a comparative market analysis (CMA) will be key to understanding today’s home values,” said Matt Halperin, 2015 President of the Realtors® Association of the Palm Beaches (RAPB).
As for townhouses/condos, the pace has quickened, as well, with a 9.3 percent drop in median days on market (54 to 49 days). The continuing good news for sellers was the 12.6 percent increase in median sale price from $135,000 to $152,000, ending above the $150,000 mark we broke the previous month. However, we saw a 8.0 percent decrease in closed sales (1,382 to 1,272 transactions) likely due to the continued decrease in inventory levels. Months’ supply was down 3.0 percent (5.4 to 5.2 months), and active inventory was down 6.0 percent (6,233 to 5,859 active listings).
For more information about Palm Beach County’s market statistics, find your perfect REALTOR® match today at www.southfloridapropertymatch.com.
Halperin is also the Direct Sales Manager and a REALTOR® of The Keyes Company in Wellington and can be reached at 561-967-4300 or mhalperin5 (at) gmail (dot) com for questions.
The Realtors® Association of the Palm Beaches (RAPB) is the 6th largest local association in the country representing over 12,000 REALTOR® members involved in all aspects of residential and commercial real estate throughout Southeast Florida. RAPB members are “The Voices for Local Real Estate,” providing consumers with real insight on the homeownership process with data accuracy and market expertise. Many of their members also engage in one or more divisions offered through RAPB, including the REALTORS® of St. Lucie County (RSLC), REALTORS® Commercial Alliance, the Young Professionals Network, and the award-winning Global Business Alliance. Consumers will find their perfect REALTOR® match from RAPB by visiting www.SouthFloridaPropertyMatch.com.