Hello Everyone and thank you for watching. This is Gia with Palm Beach Premier Real Estate here in Boca Raton Florida with your local market report for MAY 2015.
So here’s a quick take on the numbers that just came out from the Realtors Association of the Palm Beaches
The message this month is that We Have A Shortage of Inventory
Per the Realtors® Association of the Palm Beaches the clear message is that Palm Beach County has become a fast-paced market, particularly for single family homes, according to May’s statistics.
We saw drastic declines in median days on market and months’ supply of inventory. So if you’re thinking of selling your home, getting an UPDATED market analysis in this accelerating market will be key in understanding current home values.
So, taking a look at the local market statistics for last month:
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 down to 42 days!.... and closed sales increased to 1,739 transactions.
Median sale price rose 4.8 percent 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 down to 4.7 months.
For buyers, this means a 6.0 percent decline in active inventory to shop down to 6,857 active listings.
As for townhouses/condos, the pace has quickened, as well, with a 9.3 percent drop in median days on market to 49 days.
The continuing good news for sellers was the 12.6 percent increase in median sale price 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 likely due to the continued decrease in inventory levels. Months’ supply was down to 5.2 months, and active inventory was down 6.0 percent.
We will of course continue to provide you with regular market updates.
In the interim, if you are thinking of getting your home on the market, or you just want a second opinion of value or have questions, please give us a call here at 561.395.8418 or email us at Info@PBPrealestate.com