Low inventory, fewer new listings drive home prices up

Fewer new listings and a shrinking inventory of homes for sale are helping to keep prices on the rise.

In south Palm Beach County, the list of homes for sale in August dropped 10.8 percent from August of 2017 – 3,678 to 3,282, according to the National Association of Home Builders in a release from the Realtors of the Palm Beaches and Greater Fort Lauderdale.

Plus, the number of new listings went down 3.2 percent from the same period a year ago – 1,079 to 1,045.

What didn’t drop were median (+2.9 percent) and average (+9.9 percent) sale prices for single family homes or in the townhouse/condo market – medium sale prices(+9.8 percent) and average sale pForrices (+13.3 percent).

The percentage of original list price received remained virtually the same – 93.3 percent (0.0 percent) for single family, 92.0 percent (+0.2 percent) for townhouse/condos.

If you need help in regards to the sale/purchase/lease of a new home, or for a commercial opportunity, contact Petruzzelli Real Estate at (email) info@petruzzellirealestate.com or (phone) 561.362.8413.

Learn more about Petruzzelli Real Estate at: https://www.petruzzellirealestate.com/