Local Real Estate Brokers as well as National Economists are predicting a strong season this year.
Broker Analysts agree that factors that negatively impacted tourism and seasonal migration in 2016 like the February stock market slump, a low Canadian exchange rate, Brexit and Zika fears, and the presidential election are behind us now. The only obstacle left to overcome is the irrational legacy pricing behaviors of some sellers. Our statistics show that realistic pricing is what is causing many homes to sell in 60 days or less. Palm Beach County closed more homes in Q3 2016 than any other county in Florida with 8,047 closed sales. Clearly, Palm Beach County remains a very desirable place to live.
The Palm Beach County market currently has a 5.6 month supply of homes for sale, which is up 12.0% over last year. Builders are providing more new home inventory making choices abundant for buyers. We currently have new home inventory available in high-rise waterfront condominium projects as well as large planned development projects in Northern Palm Beach County.
The median sales price in Palm Beach County is currently $300,000, which has increased 3.8% over November 2015. Increases vary by price range and area.
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Statistical figures used in this local market update were provided by Florida Realtors Research.