According to Seattle-based Redfin, 20.4 percent of Palm Beach County homes were sold within two weeks of being listed, that’s the fastest pace since at least 2010 when Redfin’s data starts. See the full report here.
A year ago in September, just 10.8 percent of Palm Beach County homes were selling within two weeks.
Redfin analysts attribute the home-selling speed to a drop in mortgage interest rates in late September after the Fed decided not to touch the stimulus program.
In South Florida _ Palm Beach, Broward and Miami-Dade counties _ two-week sales were at 22 percent in September, triple the 7 percent seen during the same time last year.
But that wasn’t even near the top of Redfin’s speedy sales list. In San Jose, Calif. 47.6 Percent of homes were sold within two weeks. San Francisco, Austin, San Diego, Phoenix and Atlanta all had a higher percentage of sales within two weeks than South Florida, which ranked 20th on the list.
But Redfin economist Ellen Haberle said she believes sales will cool this fall as consumer confidence wavers.
“Despite sustained lower mortgage rates, market speed probably will fall again in October because of buyer uncertainty related to the government shutdown and debt ceiling battle,” she said.
Earlier this week the Realtors Association of the Palm Beaches released its September report that said homes were sold in a median of 44 days after being listed, down 48 percent from last year.
“Under $250,000 in many parts of Palm Beach County there are still a frenzy of offers and competitive bids unless it’s missing the air conditioning and appliances, which is happening in some vacant homes,” said West Palm Beach-based Realtor Shannon Brink.
You can leave a response, or trackback from your own site.