West Palm Beach Real Estate Market Report | February 2022
The west palm beach housing market has been very intense for this past few months. There is no secret that this has been one of the most lucrative market for sellers. Since inventory still low, many buyers have decided to offer more than asking price and stop the house hunting. If you want to know how much your current property increased in value CLICK HERE.
February 2022 | West Palm Beach | Single Family Homes
The Median Sales Price in West Palm Beach increased from $382,000 to $465,000. The Average Sales Price in West Palm beach fl increased from $525,658 (February 2021) to $722,660 (February 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 Real Estate Inventory
In this article we will go over based on single family homes figures. Closed sales were down from 159 (2021) to 145. 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 February are: 169 homes for sale in West Palm Beach. Compared to February 2021, there were 218 homes for sale in West Palm Beach.
In the chart below we see that there is currently 1 month of inventory available. The time from when the property goes to the market, to when they are going under contract has been 29 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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