Prices up in Palm Beach, even as sales dwindle

The median sale price of a Palm Beach County home saw a 16 percent increase in February compared to the same month last year, yet the volume of sales slowed, gaining just 1 percent.

The median sale price last month on a single-family home in Palm Beach was $272,000, a 7 percent increase from January, according to a report released by the Realtors Association of the Palm Beaches, cited by the Palm Beach Post.

In February, fewer than 1,000 homes were on the market in Palm Beach County in the price range of $150,000 to $249,999. And only 1,820 homes were priced between $250,000 and $399,999.

“There was a lull earlier this year, but we’re ramping up on listings again, and I think we’ll see a wave of buying toward the end of the season,” said Marc Shafler, of Lang Realty in Palm Beach Gardens. “As more inventory comes in, the buyers will come out of the woodwork.” [PBP] – Christopher Cameron