Date: May 1, 2023

https://homes.reliancerealestategroup.net/i/two-city-plaza-condos-for-sale

Timeframe: Last 3 Months

Location: Two City Plaza, West Palm Beach, FL

Average Sold Price: $878,000

Average Days on Market: 133

Properties on Market: 8

Sold % of Ask Price: 94%

Average Sold Price/SqFt: $664

What kind of market is it?

Seller’s Market

Inventory indicates a Seller’s Market.

There are currently 8 properties on the market in Two City Plaza, with an average sold price of $878,000. This represents a 19.2% increase in average sold price over the past year. The average days on market is 133, which is a significant increase from the 40 days on market in 2022. This indicates that the market is currently in a seller’s market, as sellers are receiving multiple offers and are able to sell their homes for above asking price.

What are the trends in the market?

The market in Two City Plaza is currently experiencing a sellers’ market. This is due to a number of factors, including:

  • Low inventory: There are currently fewer homes on the market than there are buyers. This means that buyers have more competition and are more likely to pay above asking price.
  • Rising interest rates: Interest rates have been rising in recent months, which makes it more expensive to borrow money. This can make it more difficult for buyers to qualify for a mortgage, which can further limit the supply of homes on the market.
  • Strong demand: The demand for homes in Two City Plaza is strong, as the area is a desirable place to live. This is due to a number of factors, including the warm climate, the beautiful beaches, and the proximity to Miami and Fort Lauderdale.

What are the implications for buyers and sellers?

For buyers, the current market conditions can make it difficult to find a home. Buyers should be prepared to act quickly when they find a home that they like, and they should be prepared to pay above asking price. For sellers, the current market conditions are ideal. Sellers can expect to receive multiple offers and can sell their homes for above asking price.

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