After a scarcity of inventory throughout South Florida, more than 2,300 listings hit the market in Palm Beach County last month, the highest it’s been in five years.
Price increases are expected to slow down with more homes up for sale. Last month, 280 new listings for single-family homes on the market had an asking price between $150,000 and $199,000 – a 21 percent jump from last year. There remains a 4.8 months’ supply of homes for sales, a drop from eight months year-over-year. Six months is considered an ideal supply-and-demand balance.
“It’s becoming more of a sellers’ market,” Barb Kozlow, president elect of the Realtors Association of the Palm Beaches. “Homeowners have more confidence listing their homes for sale realizing buyers are eager to purchase.” [Palm Beach Post] — Mark Maurer