Home Sales Surge in Palm Beach County
Home Sales Surge in Palm Beach County Florida
Home sales in Palm Beach County surged over the summer, just like they did around the country. For sellers, the news is music to their ears, but for buyers, it’s a different story. Many are frustrated, and trying to find a home that’s still accepting offers. In July, 1,247 single-family homes were sold in Palm Beach County, marking a 21% increase from the same time in 2011. Additionally, the median sales price was up 15% too at $217,500. Around Florida, single-family home sales increased 10% as compared to the same time last year, and the median sales priced jumped 8% to $148,000.
So what does this mean for interested buyers who feel like they’re stuck on a merry-go-round of finding a home, seeing it, putting in their offer, and having it rejected? John Tuccillo, chief economist for the Florida Realtors, says, “We really need to recognize that over the past year, we have seen a market reversal, from a clear buyers’ market to a neutral market to one that is verging on a sellers’ market. This is a precursor to price growth.”
The same trend was seen around the country, with homes ales on the rise during the summer. From June to July, there was a 2.3% rise in home sales. Additionally, the median sales price increased 9.4% nationally in July from the same time a year ago. This marked the fifth consecutive month of price growth. July’s national price leap was also the strongest since January 2006 when prices rose 10.2% from the previous year.
Many home shoppers say they’re not being picky either. One Jupiter resident says he has been looking to buy a home in the $100,000 price-range for 10 months. He’s looking for something simple like a one-bedroom fixer-upper, but he hasn’t had the chance to even make an offer. Either the home hasn’t come on the market yet, or its purchased before he can pounce. He adds, “It’s kind of frustrating because I’m ready to buy. It’s a real waiting game.”
Buyers aren’t the only ones frustrated by the lack of inventory; so too our Palm Beach real estate agents. Much of the shortage in inventory to homes tied up in the foreclosure process. Currently, the county’s inventory of single-family homes is less than five months, a 57% decrease from the same time last year. In Florida, inventory was roughly the same at 5.3 months, down 41% from 2011.
According to the National Association of Realtors, they are asking that Fannie Mae and Freddie Mac release foreclosed homes more expeditiously to bolster inventory. Many homes are seeing multiple bids and an influx of interested buyers showing up the day it’s listed.
We have sold homes in some of Palm Beach County's most exclusive gated communities and golf and country club communities, and would love to help you find the home of your dreams. Please contact our team of local real estate experts here at Palm Beach Premier Real Estate to discuss your unique real estate objectives.
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