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Today we wanted to take a moment to address some of your concerns regarding the Palm Beach County real estate market. When the latest statistics came out, many people called me, worried about the numbers. So I wanted to take a moment to walk you through them.The biggest concern was over the median sales price, where we saw a decrease of 8.8% year over year. If you just hear the figure out loud and don't understand why it dropped, you may think our market is shifting to a buyer's market.
However, if you look at the numbers more in depth, you will find that 1/3 of closings last month were distressed properties, foreclosures, and short sales. Distressed homes always impact our median sales price in a negative way. When you take these properties out of the equation, our market is much more calm.
Now we did have some good news as well. The median number of days on market is down by 10%, meaning that homes are selling faster. The other important piece of news has to do with our supply of inventory. Right now, we are down 3.2% in inventory from last year, but there were 33% more closings this year than there were a year ago. Pending sales were also up 29.8%.
