Results are in for Palm Beach County Real Estate Market Update for June 2022
The most recent Palm Beach County Real Estate Market Update, prepared by Florida Realtors®, shows that the median sales price of homes continue to rise. The median sales price is 24% higher compared to last year for single family homes and 32% higher for townhouses and condos. This is great news for sellers. Also, the median percent of sales price to list price is 100%, which means sellers received the price they asked for their homes and in some cases sellers received more than their asking price. On the flip side, the number of active listings is increasing. There are 51% more active listings for single family homes compared to last year and 8% more active listings for townhouses and condos. Let’s take a deeper dive into results for active listings for single family homes.
Palm Beach County Inventory of Active Listings
As we review the inventory of active listings on a monthly basis in the latest Palm Beach County Real Estate Market Update, we observe increases in inventory for May 2022 and June 2022. Between May 2020 to April 2022 we generally observed decreases in inventory. Despite the fact that we are observing increases in inventory, the levels of active listings remain at historically low levels when you compare the recent results to the results between January 2018 and June 2020. Another measure is the monthls supply of inventory, which is the estimate of the number of months it would take to deplete the current inventory. The months supply of inventory is also at historically low levels. Since January 2021, the months supply of inventory has been below 2.5 months. Prior to June 2020, the months supply of inventory was above 4 months.
The real estate agents at Live South Florida Realty are here to help you with your real estate goals and to understand what’s going on in the local real estate market. Contact Natasha today at (561) 352-6932. Also, be sure to download the free Florida Home Search App to have the power of the South Florida MLS right on your mobile device!