Palm Beach County Home Prices

Palm Beach County Home Prices


Palm Beach County home prices reached their highest level in nearly a decade in June, when the median price of houses sold by Realtors rose to $345,000.

The typical sale price jumped nearly 8 percent from a year ago, a robust level of appreciation that’s renewing boomtime concerns about housing affordability in Palm Beach County.

READ ALSO: Palm Beach mansion prices bounce back

The county’s median home price last topped $345,000 in late 2007. Back then, prices had been inflated by loose lending standards and a speculative frenzy. Today’s price rise is driven by economic fundamentals.

“It’s a supply-and-demand factor, and there’s still a lack of inventory,” said Jeffrey Levine, first vice president of the Realtors of the Palm Beaches and Greater Fort Lauderdale and a broker at Continental Properties in West Palm Beach.

RELATED: Amid affordability squeeze, builder markets $300,000 houses

The inventory of houses for sale fell slightly to just over 7,000 listings, the Realtors Association of the Palm Beaches and Greater Fort Lauderdale said Monday. That’s just a 4.7-month supply of homes.

While declining inventories would seem to reflect a raging seller’s market, there also are signs that buyers are pushing back. Houses are taking longer to sell, as reflected by an increase in the median time to contract of 46 days, up from 43 days in June 2016. And homes sold for just 94.7 percent of their list price, down from 94.9 percent a year ago.


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Phone: 561-389-8670
Dated: August 2nd 2017
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