Rising prices and low inventory continue to be the trend in Broward and Palm Beach counties, according to the March real estate reports from the Broward, Palm Beaches & St. Lucie Realtors®.
In Palm Beach County, the median single-family home price increased 23% year over year, from $440,000 in March 2021 to $541,000 in the same month this year. Median days on to contract dropped from 18 to 10, year over year.
Months of housing inventory dropped from 1.8 to 1.2. “The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory,” the report said. “Anything higher is traditionally a buyers’ market, and anything lower is a seller’s market.”
Palm Beach townhomes and condos saw the median sale price jump 20% year over year, from $245,000 to $294,000. Median days to contract sunk from 41 days to 10, and months of inventory also dropped sharply, from 3.4 months to one.
“Palm Beach County’s median home price hit $541,000 in March,” Carlos A. Melendez, president of Broward, Palm Beaches & St. Lucie Realtors®, said in the report. “This is the highest price we’ve seen this year as prospective buyers from all over the world continue to demand housing in Palm Beach County. Homes are selling at an astonishing rate, sitting roughly 10 days on the market before going under contract.”
The Broward County median single-family home sale price hit a record $545,000 in March, a $100,000 increase from March 2021. The median time to contract dropped from 16 days last year to just 10 days last month.
Single-family home inventory dropped from 1.6 months in March of last year to 1.1 months this year.
The trends were similar for Broward townhomes and condominiums. The median sale price rose from $210,000 to $238,000 year over year. Median days to contract dropped from 40 to 16, and months of condo inventory plummeted from 4.1 months last year to just 1.4 months this year.