The median price for single-family homes sold in Palm Beach County in August was $250,000, an increase of 16.3% compared to August 2012. There is no doubt that the increased market values helped lure more than 2,300 new listings onto the market last month, a 5-year high that should help replenish an emaciated inventory that is nearly half of what it was in 2012. The new listings will need to keep coming if the inventory is to remain healthy because the number of closed transactions has also increased more than 17% compared to this time last year to a total of 1,461 closed transactions for August. The net result of the increased inventory and the closed transaction was an Absorption Rate of 4.8 Months of Inventory which is actually lower than last month due to all of the consummated sales.
“Regular” sales accounted for 75.8% of the closed transactions in August. Foreclosure homes used to be the best value on the market but the value for foreclosure homes and for short sale homes are virtually the same and it just depends on the month as to which type of distressed property is a better value for buyers.
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The numbers above represent Palm Beach County.
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