Palm Beach County: Home Sales Dropped to 38 Median Days on Market

WASHINGTON, D.C. – August 21, 2015 – (RealEstateRama) — Year-over-year market statistics for July 2015 reported accelerated demand for single family homes in Palm Beach County. Closed sales rose 19.5 percent from 1,515 to 1,810 transactions, and median sale price rose 3.3 percent from $280,000 to $289,250. Meanwhile, median days on market dropped a significant 30.9 percent from 55 to 38 days. As for inventory levels, they continued to decline, down 6.7 percent from 7,246 to 6,761 active listings and down 21.6 percent from 5.7 to 4.5 months’ supply. The silver lining, however, was the 7.4 percent increase in new listings, meaning sellers have finally begun to seize their opportunities in this Seller’s market.

“Home sales in Palm Beach County dropped to an impressive 38 median days on market with sellers obtaining an average of 94 percent of their original list price. If you are a looking to sell your home, the first step is to ask a local REALTOR® for a Comparative Market Analysis (CMA). Your REALTOR® will use this tool to help you determine the most effective original list price for your property,” said Matt Halperin, 2015 President of the Realtors® Association of the Palm Beaches (RAPB). 

For the townhouses/condos sector, we saw similar market indicators. Closed sales increased 24.8 percent from 1,054 to 1,315 transactions, and median sale price increased 12.8 percent from $128,500 to $145,000. Meanwhile, median days on market dropped 14.8 percent from 54 to 46 days. As for inventory levels, they continued to decline, down 7.3 percent from 5,919 to 5,484 active listings and down 9.5 percent from 5.2 to 4.7 months’ supply. We also saw a rise in new listings, albeit only a small 0.4 percent.

For detailed information about market statistics for Palm Beach County, find your local REALTOR® match online by visitingwww.SouthFloridaPropertyMatch.com.

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About Matt Halperin: 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.  

About the Realtors® Association of the Palm Beaches (RAPB): 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 visitingwww.SouthFloridaPropertyMatch.com.