Palm Beach County homes are selling quickly as strong demand props up prices. But a lack of homes for sale has hampered the housing market, Realtors say.
In Palm Beach County, 1,518 houses sold last month, the lowest sales volume since February and only a slight increase from a year ago, the Realtors Association of the Palm Beaches said Monday.
The median sale price in August was $295,000, up 9 percent from a year ago. With demand outstripping supply, buyers face fierce competition for homes at the low end of the price range.
“You can’t buy something if it’s not there,” said Myles Minns, president of Continental Properties in West Palm Beach.
Houses priced at $150,000 to $200,000 needed only 22 days to sell, while homes sold for $200,000 to $250,000 were on the market for a median of only 23 days.
Condos and townhouses take a bit longer to sell, but there’s strong demand for them, too, Minns said. Buyers have grown so fearful of losing the race to make an offer that they’ll submit a contract even before touring a property.
“I’m getting a lot of offers sight-unseen,” Minns said. “They pretty much know what it’s going to look like from the pictures, and they still have their seven- to 15-day inspection period to back out.”
Source: Palm Beach Post
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