Palm Beach County condo prices rise 16 percent, inventory plummets

The median sales price of condominiums in Palm Beach County rose 16 percent in August, compared to the same month in 2011, according to a report released by the Realtors Association of the Palm Beaches. Inventory fell drastically in the same period, with a 43.6 percent year-over-year drop in August. Closed sales rose 8.4 percent. “Buyers who were sitting on the sidelines became very active after the first of the year,” said Bonnie Lazar, 2012 president of the Realtors Association of the Palm Beaches. “As a result, inventory moved quickly and changed the dynamics of the market, sparking an increase in the median price of single-family homes.” — Alexander Britell