Showing posts with label Palm Beach home seller market. Show all posts
Showing posts with label Palm Beach home seller market. Show all posts

Friday, April 5, 2013

Palm Beach Home sales exploding

The residential Palm Beach real estate market is BACK. Although the national home real sale statistics had shown for many months that the nations real estate market in general was on the mend with many areas posting year or year double digits price gains, the same could not be said about Palm Beach. However now the Palm Beach residential real estate market can boast the same excellent results as well.

When you compare this years first four months Palm Beach residential sales with last year you can see a definite positive strong trend in place.  Compared to last year this time, there has been a 37% increase in homes under contract, a 40% increase in homes sold, the listing price to sales price ratio is up 4%, and the average sales price is up a whopping 20%. So the metrics for Palm Beach residential resales is looking very good, with the only negatives being a shortage of resale inventory, with active listings down 17% and new listing down by 13%. However this is precisely when a negative is actually a positive for sellers because when supply is down, with buyer demand remaining constant or improving, home prices rise and the market begins to turn. This is exactly what is going on right now in Palm Beach. Its a phenomenon we haven't seen in this market for many years, buyers competing for a limited supply of quality homes. Can somebody say " sellers market"