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 October. Here are statistics on single family homes.

“The holiday buying season is upon us, and homes are going under contract at a rate we haven’t seen in years! In October, the median time to contract in Palm Beach County was 21 days, a 61.1 percent decrease from 2019. This decrease is due in part to the historically low levels of inventory. Our supply of inventory has decreased 37.8 percent to 2.8 months,” said Jarrod Lowe, President of Broward, Palm Beaches & St. Lucie Realtors®.

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.

“Along with the 2020 trend of low inventory and low interest rates, Palm Beach County saw increases in median sale price and closed sales. Closed Sales rose by 32.8 percent to 1,818 while the median sale price increased 17 percent to $420,000. If you have any questions on buying or selling this holiday season, be sure to contact a local Realtor® for their expertise,” continues Lowe.

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.

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.