PALM BEACH CLOSED SALES SKYROCKET, THE HOUSING MARKET IS SUPER HOT AT THE MOMENT. Multiple offers are very common. About one-third of the homes are being sold above the list price.
“Palm Beach County closed sales skyrocketed in April! We saw a 67 percent increase to 1,989 year-over-year. It’s amazing to see how the market has developed since the COVID-19 pandemic struck America. When faced with adversity and uncertain times, Realtors® came together to help buyers and sellers reach their real estate goals. I’m proud of the resiliency shown by the real estate community and look forward to seeing how the rest of 2021 will play out,” said Karen Johnson, President of Broward, Palm Beaches & St. Lucie Realtors®.
Closed sales are one of the simplest – yet most important indicators for the residential real estate market. Closed sales are affected by seasonal cycles, so actual trends are more accurately represented by year-over-year changes, rather than changes from one month to the next.
“One key statistic to keep an eye on as the market progresses is the median percent of original listing price. Palm Beach sellers are commanding 98.5% of their original asking price. Sale-to-list ratio is worth watching as it keeps inching closer to the 100% mark. The continued growth that we keep seeing in the market is a huge indication of how South Florida remains firmly one of America’s real estate hotspots. If you’re interested in buying or selling, contact a local Realtor® for their expertise on how you can take advantage of this exciting time in the Palm Beach County market,” continues Johnson.
The median percent of original list price received is useful as an indicator of market recovery, since it typically rises as buyers realize that the market may be moving away from them and they need to match the selling in order to get a contract on the house.