Home prices continue to appreciate in Palm Beach County West Palm Beach County, November 6, 2013 – The median sales price continues to see healthy gains in Palm Beach County for single family homes, condos, and townhouses. From just the second to third quarter, the median sale price for single family homes saw an increase of two percent from $245,000 to $250,000. The year-over-year gains are far more impressive. Palm Beach County’s single family homes saw a 13.7 percent increase in median sales price. Condos and townhouses saw similar results. From the second to third quarter, condos and townhouses saw an increase of 2.8 percent in median sales prices from $112,000 to $115,000. Year-over-year, the increase for condos and townhouses were far more substantial at 32.2 percent. “Within the past year, we have seen a shift from a buyer’s market to a seller’s market. It has been more and more evident with each passing quarter. For the past few years, inventory has been high because of the great recession. The housing market has since recovered,” said 2013 RAPB President-Elect Barb Kozlow. “Investors have helped bring inventory levels down and housing prices are appreciating. It’s a simple supply and demand relationship. Even though the housing market has seen a slight uptick in inventory levels since last quarter, now is the right time to put your house on the market before inventory levels rebound.” Property owners are now taking their Realtor’s® advice and listing their homes. Single family homes have hit a five year high for new listings with 6,741 homes added to the market in Palm Beach County this quarter alone. That is a 12 percent increase compared to last quarter. Year-over-year new listing statistics showed even more impressive gains with a 26.8 percent spike. There were also increases in Townhouses and condos as well, but their increases are not as significant. From the second quarter to third quarter new listings increased one half percent. Year-over-year the third quarter had a higher increase of 7.5 percent. Even with these increases, inventory is still low in all categories. “Let’s say we’re looking at a development that is 12 to 15 years old and you have a home owner that has made some substantial upgrades to the house. That’s where you can look at the market comps that are $185 to $200 a square foot, ask 10 to 15 percent above the market, and expect five to seven percent above the current market value,” said Kevin Spina Realtor® from The Spina Group. “The only houses sitting on the market right now are asking 20 to 40 percent over market value.”
Posted on: Wed, 06 Nov 2013 17:17:50 +0000
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