The residential real estate market in Palm Beach County is thriving, as sales of single family homes $400,000 and above increased substantially year-over-year in the month of December, according to the Realtors of the Palm Beaches and Greater Fort Lauderdale.
“We are seeing a remarkable increase in the sale of homes from $300,000 to over $1 million, especially those in the $400,000 to $599,999 range (19.1 percent) and over $1 million range (16.2 percent),” said Jeffrey Levine, president-elect of the Realtors of the Palm Beaches and Greater Fort Lauderdale. “All other indicators reflect what we have seen throughout the year…a strong seller’s market.”
The median sales price increased 8.4 percent to $341,500, cash transactions decreased 6.5 percent to 472, and the median time to contract increased 17 percent to 55 days. In addition, inventory of active listings declined 3.9 percent, and the months’ supply of inventory decreased 2 percent to 4.8 months.
The Realtors of the Palm Beaches and Greater Fort Lauderdale is the third-largest local real estate association in the country. As one unified voice, RAPB + GFLR represents 28,000 Realtors, 30,000 MLS subscribers, and five regional boards across South Florida and the Treasure Coast.
For more information, visit www.rapbgflrmerge.com.