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Palm Beach County Real Estate Update – End of Summer 2012

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After years of dealing with the aftermath of our country’s mortgage and housing crisis – it can finally be said that things are improving. And this is corroborated with numbers through the August 2012 period. Here is a look at how our marketplace has been performing:

Pending sales
With the most significant change in the number of pending sales, we are seeing a 65.4% jump in August 2012 versus the same time period in 2011, for single-family homes. The number is just as noteworthy for condos with a 43.1% jump in pending sales.

Closed sales
Looking at the number of closed sales in our single-family market through August, we had 1,247 this year versus just 1,150 in 2011 – representing an 8.4% increase year over year. Condos were down slightly at a 1.3% decline this year.

Average days on market
Though not too big of a gap, the promising news is that the number of days on average that properties remain on the market prior to sale has gone down from 117 to 107 for single-family homes and gone up by one day for condos this year, at 106 in 2012.

Average sales price
Single-family homes saw an increase of 14.5% in terms of the average sales price, with the 2012 number at $345,487. Townhomes and condos also experienced an increase of average sales price through August 2012.

List to sale ratio
We are reporting an upward trend in the percentage of original list price received, with a new list to sale ratio in August 2012 of 91.2% as opposed to last year’s 88.8% for single-family homes. For condos and townhomes, the increase was from 88.8% in 2011 to 90.5% this year.

The biggest news of this quarter has been the huge decline in the number of homes available on the market. We have seen a 43.6% drop in inventory this year versus last with a total of 6,648 homes on the market in 2012 compared to the 11,781 single-family homes on the market in 2011. The same story holds true for townhomes and condos with a 42.3% decline in inventory this year versus last.
All these statistics point to one very important fact: it seems we have shifted into a sellers’ market. What this means for you as a seller is that you can expect to sell quicker and for top dollar. For buyers it means that you are up against a fair amount of competition and that if you are interested in purchasing, don’t wait any longer!

For a customized look at your neighborhood to determine whether yours is experiencing the same sellers’ market we’re seeing, contact me today on my personal cell number at 561.352.3056.