West Palm Beach – August 21, 2013 – July housing reports indicate year-over-year, new listings for single family homes increased 20.7 percent and townhomes and condos increased 4.4 percent. Timothy Harris, 2013 President of the Realtors® Association of the Palm Beaches said, “Clearly sellers are responding to the demand for inventory and increasing property values. At the same time, perspective buyers want to lock into what is still considered relatively low mortgage rates. As a result, the local real estate market is very active.”
Year-over-year, the number of closed sales for single family homes increased 20.5 percent and townhomes and condos decreased 2.3 percent. The number of pending sales for all property types increased substantially from the previous year, single family homes up 68.2 percent and closed sales for townhomes and condos up 28.3 percent. The median price for single family homes increased 15.0 percent and 18.9 percent for townhomes and condos.
In July, the inventory level for single family homes was at a 5.1 supply which is a 40.8 decrease from a year ago but up slightly from the previous month. According to Kevin Kent, Past President of the Realtors® Association of the Palm Beaches, “Sellers and builders are reacting to the current market conditions. In addition to the increase in listings of existing homes, new home construction has increased substantially.” In a recent report published by the National Association of Home Builders (NAHB) a total of 247 metropolitan areas across 49 states and the District of Columbia qualified for inclusion on the National Association of Home Builders (NAHB) Improving Market Index (IMI), the Palm Beach County/Miami/Pompano Metropolitan Statistical Area (MSA) was among them.
Clearly, market conditions for sellers have dramatically improved. On average, sellers can expect to sell their home in considerably less time than a year ago and receive close to their original asking price.
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.