Sales of existing Palm Beach County condominiums have been in a three-month slump, dropping 11 percent in April from the same time last year as higher prices and low inventory chase investors from the market.
As those cash buyers flee, traditional shoppers are having trouble filling the void. Banks are more strict about doling out loans for condos, and appraisals are coming in below negotiated prices, some Realtors said.
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PALM BEACH COUNTY CONDO SALES IN APRIL
- Closed sales, down 11%
- Pending sales, down 20%
- New listings, down 3%
- Median sales price, up 20%
- Median days on market, down 27%