Useful report on Palm Beach County Home sales-Stefan
South Florida house prices increased in January — and so, too, did listings as more sellers showed confidence in the revitalized market. Palm Beach County’s median price for existing single-family homes last month was $255,000, up 17 percent from a year earlier, the Realtors Association of the Palm Beaches said Friday. Palm Beach County had 1,014 home sales last month, up 5 percent from January 2013.
Buyers, meanwhile, are starting to find more for-sale signs in front yards. Palm Beach County had 7,218 homes on the market at the end of last month, up 7 percent from a year earlier. A dearth of homes for sale last year led to bidding wars and steep price increases that gave sellers a decided edge on buyers. More homes for sale will help restore balance to the market, slowing the sales pace but keeping prices from soaring out of reach for first-time buyers and young families, analysts say.
The rise in listings is due in large part to homeowners seeing their values jump. Many “underwater” borrowers who once owed more than their homes were worth now have enough equity to sell. Markets across Florida and much of the country also are seeing more sellers test the market. Stan Humphries, chief economist for real estate website Zillow.com, said in a statement this is “another step on the road back to normal and will help offset the impact of rising mortgage rates and more expensive homes for buyers.”