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For the first time in years, like much of the nation, we are seeing a very strong seller’s market. With inventory levels below just five months – sellers have the upper hand and buyers are starting to really feel the heat. Five months of inventory means it would take that much time to sell all the existing homes on the market if nothing changed.
Inventory Levels Low But Slowly Increasing
This trend does tend to vary from one neighborhood to the next but for the most part, most sellers are enjoying multiple offers, often at or above their list price. Though we are reporting a 14.4% increase in the number of new listings in February as compared to the same time last year, the year-to-date numbers are especially impressive. Overall, our YTD increase in inventory was 16.4% with the number of homes available through February 2012 being 6,025 with this year’s YTD inventory at 7,011 homes.
Median Sales Prices Jump Significantly
As of February 2012 the median sales price in Palm Beach County was $123,000, which compares to this year’s number at $155,000 – a whopping 25.5% jump! Looking at YTD sales, average sales prices went from $120,000 to $155,000 for an overall increase of 29.2%.
Sellers Are Enjoying Faster Sales and More Money
Given the low inventory coupled with high buyer interest, we are currently reporting a very respectable change in the average number of days homes are on the market as well as the list-to-sale ratio. February 2013 versus February 2012 shows a 14.9% decline in the average number of days homes were on the market. Similarly, there was a positive change as to how much money sellers recovered through the average sale, with a 3.1% increase in percent of original list price received.
Sales are also up; with a positive result looking at YTD closed sales as opposed to February year over year figures.
This is by far one of the strongest real estate seasons for sellers that we’ve seen in a long time – though interestingly we are in the unique situation of being a favorable market for buyers too because of historically low interest rates. These rates continue to hover at all time lows with the Fed expected to keep them there for at least several months if not through next year.
If these exciting changes spark an interest for you to get in on the action – we invite you to contact our team so we can get to work, getting you top dollar for your home. As mentioned in the video, you can also inquire about the value of your home on www.guaranteedsale.com. And if you’re a buyer who wants to seize the opportunity before prices get even higher – call us today – 561-352-3056.
Due the market improving, sellers are jumping back into the market which is leading to a slight increase of inventory.