More Inventory Enters Palm Beach Market, Median Price Reaches $600,000
Just in! July 2022 released from Florida Realtors® detailing recent real estate activity in Palm Beach County. The reports compare year-over-year data. Here are statistics on single family homes.
“We’re continuing to see inventory improvement in Palm Beach County. Listings have risen consecutively for the past three months. In July, active inventory rose by 54.6 percent to 3,854 listings, and supply of inventory increased 80 percent to 2.7 months,” said Carlos A. Melendez, President of Broward, Palm Beaches & St. Lucie REALTORS®.
Inventory is the number of property listings that are active at the end of the month. 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.
“Despite more inventory entering the Palm Beach County market, buyer competition remains high. Median home prices rose again with an increase of 20.0 percent to $600,000. I encourage all sellers who have been on the fence to start a conversation with a local Realtor® today,” continues Melendez.
July Market Reports: Single Family | Townhouses/Condos
Broward, Palm Beaches & St. Lucie Realtors® is the 3rd largest local Realtor® association in the nation, representing over 40,000 Realtors®, 41,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast. For more info, visit Rworld.com or contact Communications@rworld.com.