Palm Beach County Median Price Hits $450,000 in February, New High
Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in the Palm Beaches. The reports compare year-over-year data for February. Here are statistics on single family homes.
“We have a new yearly high in median sale price for Palm Beach County! In February, the median sale price rose 24 percent year-over-year to $450,000. Homeowners should be optimistic as their home values continue to reach new levels. Just like we did in 2020, we’re seeing a steady streak of the median price outperforming the previous year,” said Karen Johnson, President of Broward, Palm Beaches & St. Lucie Realtors®.
Median sale price is our preferred summary statistic for price activity because, unlike average sale price, median sale price is not sensitive to high sale prices for small numbers of homes that may not be characteristic of the market area.
“The current inventory levels are the lowest we’ve seen in the past year with the months’ supply of inventory decreasing 52.4 percent to 2.0 months. What we’re seeing in our market is a vast decline in inventory levels which is leading to more buyer competition in the market. It’s a great time to invest in the real estate market as Florida continues to expand the vaccine eligibility and more Americans seek all that our state has to offer. If you have questions on the current market conditions or the home buying and selling process, contact a local Realtor® today for their expertise,” continues Johnson.
Months’ supply of inventory is a useful indicator of market conditions. The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory. Anything higher is traditionally a buyers’ market and anything lower is a sellers’ market.
Market Reports: Palm Beach Single Family | Palm Beach Townhouses/Condos
Broward, Palm Beaches & St. Lucie Realtors® is the 3rd largest local Realtor® association in the country, representing 35,000 Realtors®, 36,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast. For more info, visit Rworld.com or contact Communications@rworld.com.