Buying or selling real estate can be an exciting experience. It can also be an exercise in patience for many buyers or sellers who are waiting for the real estate market to be favorable. If you’re looking to sell, we’ve got good news to you: real estate prices in Palm Beach County have been on the rise as the available housing inventory drops.
The real estate market – like any market – follows the laws of supply and demand. As more and more people have been seeking homes in our region, the number of available homes decreases. With fewer homes available for sale, prices for properties on the market have continued to increase with buyers competing for a smaller pool of houses.
The median sale price for single-family homes in Palm Beach County has been steadily increasing. In February, median prices rose to $315,000, an increase of 6.8 percent, according to the Palm Beach Post. These price increases in Palm Beach County coincide with a tightening of inventory. Available housing inventory also decreased by 6.8 percent in February to slightly more than 3,000 homes.
A balanced real estate market has an adequate supply of available housing to meet buyer’s demands, but not such a large supply that it begins to decrease home values. In Palm Beach County, the inventory is below that considered ideal for a balanced market. As a result, home prices are on the rise – and that’s great news for sellers!
The current real estate market makes this an ideal time to consider selling your home. The market is strong and growing, and prices are rising. If you’re thinking about putting your property on the market, get the help of an experienced Realtor. Leibowitz Realty Group has been helping homeowners sell luxury properties for more than 20 years, and we know what it takes to sell your home at a fair price. Call Leibowitz Realty Group today at 561-627-5100 to learn how we can help you sell your home.