The luxury residential real estate market in Palm Beach County continues to thrive. Sales of single family homes $600,000 and above realized double digit year-over-year increases in the month of January, according information from the Realtors of the Palm Beaches and Greater Fort Lauderdale.
“The most remarkable increase is the 28.4 percent year-over-year increase in the sale of homes over $1 million,” said Jeffrey Levine, president-elect of the Realtors of the Palm Beaches and Greater Fort Lauderdale. “We anticipate continued robust activity throughout the coming months.”
The total number of closed sales decreased 3.8 percent, while sales of homes in the $600,000 to $999,999 range increased 11.2 percent. The median sales price increased 4.8 percent to $325,000, cash transactions increased 4.7 percent and the median time to contract decreased by 15.8 percent to 48 days. In addition, inventory (active listings) decreased by 5.2 percent and the months’ supply of inventory decreased 1.9 percent to 5.2 months.
The association 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 info., visit www.rapbgflrmerge.com.