- Median home price: $285,000
- Prices up 5.9% from a year ago
- Median days on market: 35
- Inventory remains squeezed
Palm Beach County’s housing market numbers are in for September of 2015. The median price for a single-family home was $285,000 last month (September), which is down 3.4 percent from August but up 5.9 percent from a year ago, stated the Realtors Association of the Palm Beaches.
Closed sales totaled 1,529, which is a slight increase from the previous month (August 2015) and up 12.8% from a year ago. Homes are still selling fast…the median days on the market fell to 35, down from 36 in August.
Compared to just a few years ago, this is one of the biggest changes in metrics in the Palm Beach County real estate market. “Days on market” are an indication of quickly homes are selling. Following the 2008 housing bust, homes took an average of three months to sell, about 2/3rds as long as it takes now.
Inventory is tight for high-demand homes
The highest demand are for homes priced at $150,000 to $200,000 range, which average a mere 21 days on the market. Because of the extremely high demand in this range, homes are receiving multiple offers, and commonly, at or very near the asking price. Simply put, there are too many buyers in this market, and not enough homes to accommodate all of the buyers.
The condo and townhouse market in Palm Beach County had the median sale price of $145,000, which is up 16% from a year ago. That’s probably a sign that single-family homes are are hard to come by. People who would normally buy a single-family home are instead choosing to settle for a townhouse or condo, which will continue to drive up sales prices.
Condo sales totaled 1,183 in September, which is also a 16% increase from one year ago. The average days on the market is a little longer, however, at 45 days.
In the higher end market in which homes are selling in excess of $1 million, the days on market is longer, as usual, averaging about 145 days before they are sold.
With the season coming upon us, there will likely be even more buyers, squeezing inventory even tighter in the townhouse, condo, and secondary homes markets.
In sustained market conditions such as this, where buyers are paying asking prices and homes are flying off the market, it pays to work with a Realtor who knows how to navigate the complexity of a hot housing market. You need a Realtor who is exceptionally skilled at identify trends in neighborhoods and market conditions, who can move quickly and get a contract signed.
Call us at 561-500-LIST, and we’ll get you connected that agent.