Hello Everyone and thank you for watching. This is Gia Freer with Palm Beach Premier Real Estate here in Boca Raton Florida with your local market report for March 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 Buyers Are Back in Palm Beach County!
Before I get into the latest market statistics – this month’s report highlighted a recent study by the National Association of Realtors which estimated that approximately 1.5 million former distressed sellers are expected to re-enter homeownership in the coming years – thanks in part to FHA’s Back To Work Program which runs through September 2016 – with Florida seeing some of the largest numbers of return buyers.
So, taking a look at the local market statistics for last month:
March year-over-year market statistics for the County indicate that closed sales of Single Family Homes increased by a staggering 37.7 per cent! – from 1,225 to 1,687 transactions.
Listings sold at a rate of 45 days on market.
And with more good news for buyers …
The Median sale price declined to $279,000, an 2.8% percent dip from last year’s $287,000 in March.
Buyers were offered 11.4% more listings of Single Family Homes in February from which to choose, versus the same period last year.
Months’ supply of inventory ended at 5.4 months – a drop of 9.2% year-over-year.
As for townhouses/condos, closed sales increased 9.7% to 1,385 transactions … with listings selling at a 49 days on market. Meanwhile the median sales price jumped 19.2% to $143,000.
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.