By Palm Beach Post
Palm Beach County homebuyers have more to choose from and more wiggle room to negotiate prices as the single-family market reaches a nascent balance, according to a report on February home sales.
The report from the Broward, Palm Beaches, and St. Lucie Realtors Group found that while median sale prices were up 5% in February from the previous year to $647,000, the inventory of homes for sale also increased 30% to 5.7 months.
Realtors consider a balanced market, where neither the buyer nor seller has the upper hand, to be a supply of 5.5 to 6 months.
But some Realtors said they are experiencing more leverage on the buyer’s side with sellers either willing to drop prices or make other concessions to get contracts done. About 30% of active single-family home listings in Palm Beach County lowered their prices in January, according to the national real estate firm Redfin.
