The sales of Palm Beach County single family homes ranging from $400,000 to $599,999 realized a 14 percent year-over-year increase in May, while home sales over one million decreased by .8 percent, according to recently released real estate market reports.
Overall, closed sales decreased 2.7 percent, with cash transactions at -12.1 percent and the median sales price up by 5.7 percent to $354,000. The median time to contract increased 2.1 percent to 49 days. Additionally, inventory (active listings) decreased 2 percent, and the months’ supply of inventory remained the same at 4.9 months.
“The numbers for May reflect what could be a trend toward a leveling out of the market,” said Jeffrey Levine, president-elect of the Realtors of the Palm Beaches and Greater Fort Lauderdale.
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 30,000 Realtors, 33,000 MLS subscribers and five regional boards across South Florida and the Treasure Coast. For more information, visit www.rapbgflrmerge.com.