Sales of single family homes ranging from $600,000 to $999,999 realized an impressive 45.7 percent year-over-year increase in the month of April, according to recently released real estate market reports. Also of significance was a 28.9 percent increase in homes priced at $1 million and up. The median sales price increased 7 percent to $350,000.
“We are still seeing strong, steady growth in much of Palm Beach County, but there are certain segments of the market that are starting to level off,” said Jeffrey Levine, president-elect of the Realtors of the Palm Beaches and Greater Fort Lauderdale. “Overall, inventory levels remain low, especially under the median sales price.”
Overall, there was 5.8 percent increase in closed sales and 7.2 percent increase in cash transactions. The median time to contract decreased by 8.7 percent to 42 days. Inventory (active listings) decreased by 3.3 percent and the months’ supply of inventory decreased 2 percent to five months.
The Realtors of the Palm Beaches and Greater Fort Lauderdale is the third-largest local real estate association in the country. For more info., visit www.rapbgflrmerge.com.
