According to a Realtors Association of the Palm Beaches report released this morning, the higher prices and volume of sales is pushing more people to list their homes in a market still starved for inventory.
About 5 months’ worth of inventory was listed in October, down 25 percent from last year.
About 2,350 new homes were listed last month, a 20 percent increase from the same time in 2012.
“It is still a market where both sellers and buyers can be successful,” said Bill Richardson, Realtor at Keyes Realty. “Buyers need to understand that the deep discounts aren’t there anymore. Sellers need to know that they’re not back at 2005 numbers.”
Cash sales still accounted for nearly 50 percent of October sales, a sign that investor interest is still high. But Realtors said more corporate buyers are dropping out of the market as prices rise.
That’s good news traditional for homebuyers competing for properties.
“(Next year) will continue to provide reasonable prices for housing, low interest rates, and higher inventory which should lead to a stronger economy,” said Myles Minns, owner of Continental Properties.
Nationally, home sales were up percent in October from last year, with the median price for all properties rising 13 percent to $199,500.
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