Palm Beach County Makes Complete V-Shaped Recovery
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 July. Here are statistics on single family homes.
“Congratulations to Palm Beach County for making a complete V-shaped recovery in July! This past month, we saw an increase in closed sales for the first time since COVID-19, closing out the month with 1,941 transactions,” said Jarrod Lowe, President of Broward, Palm Beaches & St. Lucie Realtors®.
Closed Sales are one of the simplest—yet most important—indicators for the residential real estate market. Closed Sales (and many other market metrics) are affected by seasonal cycles, so actual trends are more accurately represented by year-over-year changes (i.e. comparing a month's sales to the amount of sales in the same month in the previous year), rather than changes from one month to the next.
“Meanwhile, historically low interest rates and inventory continue to push prices upward. In Palm Beach County, median price has officially reached $399,320, the highest we’ve seen in recent years. It is becoming increasingly clear that the housing market is exceeding what we saw pre-pandemic. Residents have every reason to be excited and should contact a local Realtor® today,” continues Lowe.
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 33,000 Realtors®, 35,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast. For more info, visit Rworld.com or contact Communications@rworld.com.