Home Prices Up In March, But Pacing Has Slowed

Palm Beach County Home Sales Numbers April 2014

Palm Beach County real estate numbers are in and for the first time in a year, prices failed to reach a double-digit annual gain. Prices rose 6 percent in March (March 2013-14) indicating real estate rates in the county may be leveling-off a bit.

Year-to year, inventory is just under a six-months’ supply, up 4 percent from the same time last year.

Sales volume in the county continued to increase with 1,369 closed transactions countywide which is a 34 percent increase from February and an 8 percent rise from March 2013.

There were 266 homes listed in Palm Beach County  between $150,000 and $199,000 9 43 percent increase from last year) Approximately 250 new listings were priced between $200,000 and $249,000-a 22 percent jump.

According to experts, an increase in new listings under $250,000 may alleviate some of the buying competition that the market has recently seen between investors and traditional buyers.  In March, almost 50 percent of Palm Beach County home sales were cash transactions, a strong indicator there’s still significant investor activity in the market.

John Tuccillo, chief economist of the Florida Realtors which released the statewide sales information says “What we’re seeing is a market we can live with”.  Florida home sales have outpaced the national trend which showed a 0.2 percent decrease from February and over a 7 percent drop from March 2013 in closed deals.

Lawrence Yun, chief economist for the National Association of Realtors says “there really should be a stronger levels of home sales given our population growth. In contrast, price growth is rising faster than historical norms because of inventory shortages”.

With a harsh winter in the northern part of the country, real estate agents say they’re seeing more interest from buyers who want second homes-good for our local market! And with interest rates still historically low (4.34 percent in March of this year) it’s still a great time to buy your dream home in South Florida!

Source: Palm Beach Post http://www.palmbeachpost.com/news/business/real-estate/county-home-prices-jump-16-percent-as-sales-slow/nfHdC/