Year over year the median price of single-family homes increased 19.6 percent and townhouse-condos increased 15.2 percent in Palm Beach County. "Not surprising," according to Bonnie Lazar, 2012 President of the Realtors® Association of the Palm Beaches. Lazar said, "Palm Beach County has demonstrated signs of a clear recovery for close to a year. As a result, the demand for homes increased, sales soared and inventory declined." Year-over-year closed sales of single-family homes are up 15.4 percent, pending sales are up 66 percent and inventory levels are down from a 10.3 month supply to a 4.7 month supply, which is slightly below the six-month "normal" level.
Sellers who have been sitting on the side lines are in a better position to sell now than a year ago. Overall sellers can expect to lock in a solid offer, at or close to the original list price, in much less time than a year ago. "As one would expect, properties in the $100,000 to $200,000 price range are in greater demand and there are fewer homes available. Therefore these types of properties are moving extremely fast and closing at the original list price and above," according to Barb Kozlow, 2013 President-Elect of the Realtors® Association of the Palm Beaches.
Based on all property types, closed sales of foreclosed properties are down 47.5 percent from a year ago. Conversely, short sales have increased 15.6 percent from a year ago. Tim Harris, 2013 President of the Realtors® Association of the Palm Beaches, suggests, "The increase may show that banks are much more willing to allow people to get out of toxic loans while still using the benefits of the Mortgage Debt Relief Act, which expires at the end of the year." Congress is evaluating a proposed extension and a decision is expected by the end of the year.
The Realtors® Association of the Palm Beaches, "The Voice of Local Real Estate," represents over 8,000 members involved in all aspects of the residential and commercial real estate.
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