WEST PALM BEACH, Fla. — It comes as no surprise to South Florida residents that home sales are booming, and the numbers back that up.
The latest figures released by the Florida Realtors association show that there was a 22.2% increase in single-family homes that were paid in cash in Palm Beach County in the last year.
There were 414 homes that were paid for in cash in the county in January 2021. That figure jumped to 506 this year.
RELATED: More Priced Out of Paradise coverage
To support this metric, the median number of days between the listing date and contract date decreased significantly, -44.4%, since January 2021. This shows that cash sales increased substantially in the last 12 months with shorter closing times.
Other notable numbers from Florida Realtors show that the median sale price increased 24.8% in Palm Beach County since last year. The figure was $422,000 in January 2021 and increased to $526,500 last month.
The rising cost of houses is squeezing out many young prospective homebuyers in our area, as WPTV reported in our Priced Out of Paradise series.
The lack of affordable housing is also a constant cry from those looking for a home to purchase.
Numbers show that new listings fell 13.2% from year to year in Palm Beach County from 1,853 to 1,609 last month.
In nearby Martin County, there was a 5.5% increase in single-family homes paid in cash in the last year from 73 in January 2021 to 77 in January 2022.
The median sale price in Martin County is also currently $523,175, which is an increase of 16.3% in the last 12 months.