West Palm Beach Real Estate Market Report | May 2022
Looking at the latest real estate market report, in the month of May we noticed that living in West Palm Beach was still very challenging for people looking to rent since the price per rental properties have been increasing for the past months. As we keep seeing mortgage interest rates climb inflation in the real estate market should start bringing the home prices down. Now more than ever is more about timing if you are a buyer pay close attention to the interest rates as the increase in the rates will lower your buying power. If you are a seller it is time to maximize your exposure as we don’t want to sell when buyers start to slow down.
If you want to know how much your property is worth CLICK HERE.
May 2022 | West Palm Beach | Single Family Homes
The Median Sales Price in West Palm Beach increased from $395,000 to $540,500. The Average Sales Price in West Palm beach fl increased from $636,104 (May 2021) to $800,237 (May 2022). In the charts below we go over the figures for the real estate market in West Palm Beach area only; however we see this same increased in the Palm Beach County real estate market trends. What is the difference between Median and Average real estate reports?
Closed sales and Programs Available in the current Real Estate market.
In this article we will go over based on single family homes figures. Closed sales were down from 208 (2021) to 186 (2022). We have to understand that inventory levels has been down, since many people understand that this market is beneficial mostly to sellers. Some sellers do not make the move because, they are afraid that they will not find a property to buy, once they sell their current one.
Many people take advantage about the Knock Home Swap program, that allows you to purchase a property without having to sell the current property first. Want to learn more? CLICK HERE.
Real Estate Inventory in West Palm Beach
Total amount of new listings this month of May are: 253 homes for sale in West Palm Beach. Compared to May 2021, there were 238 homes for sale in West Palm Beach.
In the chart below we see that there is currently 1 month and 3 weeks of inventory available. The time from when the property goes to the market, to when they are going under contract has been 19 days.
If you are in the market to either sale or buy, make sure you go over our list of articles: Palm Beach county real estate news.
West Palm Beach is a city in and the county seat of Palm Beach County, Florida, United States. It is located immediately to the west of the adjacent Palm Beach, which is situated on a barrier island across the Lake Worth Lagoon. The population was 117,415 at the 2020 census. West Palm Beach is a principal city of the Miami metropolitan area, which was home to 6,138,333 people in 2020. It is the oldest incorporated municipality in the South Florida area, incorporated as a city two years before Miami in November 1894. West Palm Beach is located approximately 68 miles (109 km) north of Downtown Miami.
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