According to the Palm Beach Post dated March 22, 2012, Palm Beach County home prices have gained 9 percent last month. The median sales price of $190,000 on a single family home is still lower than it was in February 2011 according to a report released by the Realtor Association. The county’s prices are down from last year, but the total number of sales is up 7 percent from 2011.
The housing inventory is at its lowest level since 2005 which is an indication that the market is starting a comback. Buyers who are interested in purchasing a home in Palm Beach County should realize that a realtor will find no inventory with many buyers looking for the same product. However, the shadow inventory, homes that in default of their mortgage and foreclosures could impact this lack of inventory and may have an effect on the comeback. Zillow economist have stated they believe Florida home prices will remain flat through 2012. Have we hit the bottom, we keep thinking we are there – but we don’t seem to ever quite reach the bottom.
The good thing is that foreclosures are being processed faster and short sales are also moving faster so that will help the logjam and hopefully help in the recovery.