The Realtors Association of Palm Beach (RAPB) released July sales figures for Martin, St. Lucie and Palm Beach counties. The findings? Less homes sold overall, but more dollar volume was transacted, meaning more expensive homes came off the market than last year.
Single-family homes sales
Home sales in Martin County totaled 220 for the month of July, the report says. During the same month in 2015, 243 homes sold. However, median sale price increased to $320,000 year-over-year. Total dollar volume also increased 3 percent annually, to $101 million.
The total number of homes sold in Palm Beach County was 1,530 in July, down from July 2015’s 1,794. Median price increased annually from $285,000 to $317,250, with total dollar volume climbing 2.7 percent to $747.7 million.
Palm Beach County July sales via RAPB.
“In this case, less (fewer transactions) is more (higher dollar volume) due to higher sale prices,” RAPB President Judy Ramella said in a statement.
St. Lucie County experienced the same correlation as both Palm Beach and Martin, with total sales dropping 9 percent annually to 473, while median sale price jumped 13 percent to $183,000. Total dollar volume in St. Lucie jumped 4.8 percent to $94.9 million.
Condo sales
Condo and townhome sales in Martin County rose 4.7 percent annually to 90 total sales, according to RAPB. Both median sale price and total dollar volume also increased by 8.8 percent and 9 percent, respectively. Median sale price for condos and townhomes in Martin was $135,950 in July.
Sales in Palm Beach once again dwarf the Martin and St. Lucie condo sales, but the number dropped annually. July’s total sales in Palm Beach reached 1,092, a 15.5 percent decline from the previous year. However, median sale price rose 17 percent to $167,250.
Condos in St. Lucie County sold for a median price of $131,950 in July, down 18.8 percent from July 2015. The total amount of condos sold was only 82, down 22.6 percent from the previous year.
All three counties’ total dollar volume for condos and townhomes in July was $277 million.
“As for our inventory, it was just under five months’ supply. Expect slower sales over the next few months as summer winds down and the school year begins. This could relieve pressure on inventory,” John Slivon, president-elect of RAPB, said in the same release.
