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Palm Beach County's housing market flexed its muscles in February

By Palm Beach Business.com

DELRAY BEACH — Florida’s used-home market continues to show its strength, with both sales and prices moving higher in February, according to Florida’s Realtors. Palm Beach County numbers also rose last month.

The number of homes sold statewide in February totaled 15,666, an increase of 10.3 percent over the same period a year ago, while the median price rose 12.8 percent to $150,000, according Florida’s Realtors. The median price is the point where half of homes sold for more, half for less.

In Palm Beach County, the number of used-homes sold in February totaled 1,012, an increase of 10 percent over February 2011, while the median price shot up 27 percent to $235,000.

"Each month brings more positive signs for the state's housing market," Florida Realtors President Dean Asher said. "For example, February is the 14th month in a row that statewide median sales prices for both single-family homes and for townhouse-condo units increased year-over-year, according to Florida Realtors' data.

"Properties are selling more quickly statewide, especially at certain price points – the median days a home is on the market dropped about 15 percent for single-family homes and 10 percent for townhouse-condo units in February. Plus, sellers are receiving more than 92 percent of their original listing price in both the single-family home and townhouse-condo markets."

Townhouse and condo sales are  up, as is the median price.  Pending sales are also higher than year-ago numbers.

The inventory for single-family homes stood at a 5.5-months' supply in February; inventory for townhouse-condos was at a 6.1-months' supply, according to Florida Realtors.

Florida Realtors Chief Economist John Tuccillo noted that half of all used-home sales are for cash, while three-quarters of all townhouse and condo sales are cash deals.