The market is heating up in South Florida, according to the Realtors Association of the Palm Beaches (RAPB). Many South Florida Realtors are vouching for the strong selling opportunity in the area, which includes Palm Beach County, St. Lucie County and Martin County.
All counties saw median sale price growth and inventory expansion in May, according to RAPB.
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Palm Beach County
Palm Beach County reached $857 million in total home sales in May, a 7.5 percent year-over-year surge in volume. The widest share of sales (39 percent) was on homes between $300,000 and $600,000.
Closed sales dropped by 4.8 percent, reaching 1,648 closings in May. Active inventory grew 9.5 percent, with 7,317 homes for sale.
Palm Beach County / RAPB
Median sale price jumped 5.4 percent year-over-year, reaching $311,000.
Judy Ramella, president of RAPB, says Palm Beach County sellers should take action now, especially if they have considered listing for a while.
“If you have been on the fence about selling, don’t wait to list with a local Realtor,” she said in a statement. “Demand is high, and median time to contract is short.”
St. Lucie County
St. Lucie County / RAPB
RAPB’s market report says St. Lucie County home sales grew to $100.7 million in May. Last month’s volume was a remarkable 28 percent year-over-year increase. Seventy-four percent of homes sold in St. Lucie County in May were priced between $100,000 and $250,000.
There were 517 closed sales in St. Lucie County last month – up 11.2 percent from last May. Inventory increased in St. Lucie by 6.3 percent, reaching 1,628 active listings.
Median sale price in St. Lucie County grew 15.6 percent year-over-year to $178,000.
Martin County
Martin County’s median sale price rose 15.8 percent year-over-year in May, reaching $330,000 for single-family homes. This is the highest median sale price the county has seen in years.
Martin County / RAPB
Currently, inventory in Martin County is around 1,000 homes (up 6.8 percent from last year), with supply of five months. The median time to contract is 46 days.
Sales volume in Martin County dipped slightly by 5.7 percent, accumulating $95.7 million.
“Sellers should expect to see these positive trends continue into the coming months as interest rates will be kept low and inventory will remain tight,” John Sliven, president-elect of RAPB, said in a statement.
