Palm Beach County Market Update: February 2015

Palm Beach County Real Estate Market Update

This month’s Palm Beach County real estate market update continues the trend of area home prices dropping and sales increasing, and as we head into the height of the spring season, it’s likely we’ll continue to see sales numbers grow with the inevitable increase in mortgage rates right around the corner.

Earlier this week, the Realtors Association of Palm Beaches released February sales data, which shows 1,231 single-family homes being sold last month, with approximately 45% of those closings in all cash sales.

According to the data, these latest numbers show sales volumes are up a whopping 34% from last February, but the median price for a single-family home in Palm Beach County has fallen 9% from 2013 to $270,000.

Inventory for Palm Beach County single-family homes is also continuing to drop, which is currently at a 5.6 months’ supply.

Aside from our local market, median prices statewide are actually trending upward. According to The Florida Realtors Group, median sales prices on single-family homes have jumped 9% from last year to $179,995, while agents all throughout Florida are also seeing increased interest from both home buyers AND home sellers.

As alluded to above, the next few months should be interesting (and busy), as interested rates are widely expected to increase—meaning the time to act is now if you’re thinking about buying or selling a home.

If you’re considering a move and are looking to buy or sell around the Jupiter-Palm Beach area, contact The Snyder Group today to discuss all your home buying or selling goals with our team of local housing experts!

Dylan Snyder is a seasoned real estate professional serving the Jupiter real estate market, Palm Beach real estate market, Palm Beach Gardens real estate market, North Palm Beach real estate market, and the surrouding Palm Beach County area. Along with being a top producer in Jupiter real estate, Dylan's professionalism and expertise in luxury and waterfront real estate sets him and his team of real estate experts apart from the competition. For more information on Jupiter and Palm Beach real estate for sale, contact Dylan at (561) 951-9301.

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