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 November. Here are statistics on single family homes.

“As we inch closer to 2021, we continue to see more progress and increases across the Palm Beach County housing market. Throughout the year, we’ve seen a trend of double digit increases in median sale price and closed sales. This trend continued in November as the median sale price increased 19.4 percent to $418,000,” said Jarrod Lowe, 2020 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.

“Closed sales also increased heavily by 28.4 percent to 1,533. Homes in Palm Beach County are selling at an astonishing rapid rate and quickly as the median time to contract decreased 45.5% to 24 days. The market is hot and it’s a great time to invest in real estate. Take full advantage of the market this holiday season by contacting a local Realtor® for guidance on buying and selling in the current market conditions,” continues Lowe.

Time to Contract 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. Meanwhile, months’ supply of inventory is an estimate of the number of months it will take to deplete the current inventory given recent sales rates.

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.