Finding a new home in Palm Beach may be harder now than it has been in a long time. Recent reports from Palm Beach County’s real estate market indicate that the supply of homes and condominiums has reached a two-year low, with the inventory of homes for sale shrinking to seven months in September.
Condominiums are not faring much better either, with supplies in September shrinking with 11 months of inventory available—down 80 percent from September 2007’s reserve of 57 months.
A Palm Beach realtor notes, “We have been seeing a decrease in inventory since March. Depending on what happens with an extension, inventory could rise over the next month or so, until January when the season of buying kicks in.”
Some are seeing this decrease in supply as good news; an indication of a possible recovery in the South Florida real estate market. However, September prices continued to fall short of last year’s prices, with a median sale price for a single family home this year costing $239,000, down $28,250 since September 2008.
Via: Palm Beach Post