The Realtors Association of the Palm Beaches just released the December 2013 sales data and it’s no surprise. When compares with December of 2012 there were:
- 11.9% more single family homes sold.
- 15.3% increase in the median sale price of single family homes.
- 22.3% increase in the median sales price of condominiums
A 200k house last year is now 224k and a 200k condo is now 246k but the real problem is a lack of inventory. I have a listing right now in Villagewalk of Wellington which is an enormous community of 980 single family homes and there are only 13 houses for sale. This is only 1.3% of the community where 3-5% is considered a healthy inventory. There have been 51 CLOSED sales in the last year and thus a 3 month supply of inventory based upon an annual absorption rate.
This is a link to the RAPB press release…