Palm Beach County: Median Sale Price Increases as Northerners Flock to Florida
Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in Palm Beach County. The reports compare year-over-year data for October. Here are statistics on single family homes.
“The Palm Beach County market is red hot right now. Northerners are flocking to Florida for the winter months and continue to explore all the opportunities our area has to offer. Competition among buyers has been stiff, leading to a 33.3 percent drop to 14 median days on market," said Karen Johnson, President of Broward, Palm Beaches & St. Lucie Realtors®.
Days on market is a measure of the length of the home selling process calculated for sales which closed during the month. Time to contract measures the number of days between the initial listing for a property and the signing of the contract which eventually led to the closing of the sale.
"Snowbirds have caused tons of excitement in Southeast Florida as we enter the holiday season. The trend of median sale price increases continued with a 19 percent jump to $500,000. We haven’t seen a decrease in median sale price since February 2019. It’s also worth noting that the median percent of original list price received in October was 98.7 percent," continues Johnson.
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.
"If you’re looking to buy or sell, contact a local Realtor® for their guidance. They are experts on the local markets they serve and can help you buy or sell your home at the right price,” continues Johnson.
Market Reports: Single Family | Townhouses/Condos
Broward, Palm Beaches & St. Lucie Realtors® is the 3rd largest local Realtor® association in the nation, representing over 38,000 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.