- The total dollar volume for homes sold in Palm Beach County increased 16.6 percent.
- Total closed sales for Palm Beach are down 5.1 percent since February 2015.
- Increased demand for higher priced homes fueling growth in Palm Beach County
Rising home prices, low inventory and sluggish sales are all part of the story told in the February 2016 market statistics released by Florida Realtors this week.
In February in Palm Beach County, for example, “dollar volume for Palm Beach County home sales totaled $627.4 million– that’s a 16.6 percent increase year-over-year,” said Judy Ramella, president of the Realtors Association of the Palm Beaches, in a press release.
“There was heightened demand for homes between $300,000 and $600,000 and above $1 million.”
Total sales down despite dollar volume boom
However, even though dollar volume increased, total closed sales in February 2016 were down 5.1 percent year-over-year. In February 2015, there were 1,208 closed sales; that dropped to 1,146 in February 2016.
The median sales price did increase 10.5 percent year-over-year from $267,000 to $295,000 — but it doesn’t seem like that increase was a result of more cash buyers looking outside of Miami-Dade.
Under those rules, buyers paying cash for properties costing $1 million or more — and who are attempting to use a limited liability corporation, or LLC, to purchase the property — would need to disclose their identities.