Palm Beach: Low Inventory in January Brings Down Days on Market
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 January. Here are statistics on single family homes.
“Last year’s trend of monthly increases in closed sales and median price looks to be continuing into 2021! The steady rise in both categories along with a low supply of inventory should have homeowners ecstatic for the year ahead. In January, we saw the median price rise 16.3 percent to $422,000 while closed sales increased 5.5 percent to 1,154,” 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 low inventory levels of 2.3 months are causing homes to be sold at an astonishing quick rate. The median days on market in January for Palm Beach was 27 days, a 48.1 percent decrease year-over-year. Also, migration reports suggest that 2021 is going to be another huge year for growth in Florida. As more prospective buyers flock to Florida, make sure you have a professional working for you. Contact a local Realtor® today for guidance on all real estate transactions,” continues Johnson.
Days on market measures the number of days between the initial listing of a property and the signing of the contract which eventually led to the closing of the sale.
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.