Monday, May 28, 2012
The median townhouse-condo price in Palm Beach County is $82,500, up from $75,000 a year ago. Less than 1 in 5 closings were for residential home sales in financial distress. Distressed inventories are at 2007 levels.
Short sale process by Bank of America has been "accelerated." These indications bode well for the housing market.
Total March pending single-family home sales in the county are up 70% from a year ago for homes and 41.1% for townhouses and condos. Single family homes inventory has decreased 38% from the previous year and 40.8% from a year earlier.
The inventory decrease and increase in number of buyers has created a more competitive market place and that has positively impacted property values.