Reading the broader media reports of the real estate market in the greater Palm Beach County area one would think there is so little inventory available that fist fights are breaking out as soon as a property comes on the market! This is not the case.
Nationally, and here, there is little to no inventory in the single family homes under $200,000 range. Similarly, when single family homes in the $300,000 neighborhood are listed and in good condition they don’t last long.
I spent some time reviewing the Florida Board of Realtors statistics and noticed that the median days on the market increases as the price of the home increases. Here is some data for single family homes, by county, for September 2015.
Economists’ note: Median Days on Market is the amount of time the “middle” property selling this month was on the market. That is, 50% of homes selling this month took less time to sell, and 50% of homes took more time to sell. We use the median rather than the average because the median is not particularly sensitive to sales of homes that took an unusually large amount of time to sell relative to the vast majority of homes in the market.
PALM BEACH MARTIN ST. LUCIE
As you can see the median days on the market increases significantly over $600,000 in each of the counties listed. I read this to mean that buyers are increasingly careful in their approach to this market as the price of homes increase. Similarly, sellers are having to be more patient as the price of their homes increases.
Hope you find my thoughts useful and, as always, fell free to contact me with any questions of requests for information! Stefan