“The momentum keeps building in the Palm Beach County housing market! Closed sales increased 90.7% to 1,890 and median sale price rose 30.1% to $475,000 year-over-year. It’s safe to say that there is a ton of excitement happening in South Florida and homebuyers recognize the investment opportunity as the market continues to thrive,” said Karen Johnson, President of Broward, Palm Beaches & St. Lucie Realtors®.
Closed sales are one of the simplest – yet most important indicators for the residential real estate market. Closed sales are affected by seasonal cycles, so actual trends are more accurately represented by year-over-year changes, rather than changes from one month to the next.
“The market stats for May are a great representation of how active the market has been. For example, the median time to contract for May 2021 was 11 days, which is a huge difference compared to the 37 days that we saw in May of 2020. People from all over the country are moving to our area in droves and Realtors® are here to help everyone with their housing needs. If you’re looking to buy or sell your home, contact a local Realtor® so they can help you find your dream home at a price that fits your budget,” continues Johnson.
Time to contract is a measure of length of the home selling process calculated for sales which closed during the month. Time to contract measures the number of days between the initial listing of a property and the signing of the contract which eventually led to the closing of the sale.