Increase in North Palm Beach Home Sales
There has been a dramatic rise in home sales in North Palm Beach Florida, which is creating a unique problem: not enough homes for the growing number of buyers interested in Palm Beach real estate. With interest rates at historically-low levels and prices continuing to fall, there has never been a better time to buy. And the word is out!
According to local Palm Beach real estate agents, when a home hits the market, it’s flooded with multiple showings, sometimes within hours of being put on the market. This has resulted in multiple offers and a sprint to the finish line to lock up a property. Just a few months ago, a subdivision in Palm Beach Gardens had 12 listings and more than enough eager buyers who were vying for the chance to make an offer. Today, there are no available homes in that neighborhood and property values have increased dramatically.
It’s a similar situation around Palm Beach County. The National Association of Realtors recently noted that sales of previously occupied homes dropped 5.4% nationwide to the lowest rate since October. Here’s a quick look at the June sales numbers as compared to the national averages:
#1 North Palm Beach - up 111%
#2 Palm Beach Gardens - up 21%
#3 Jupiter - up 11%
#4 Tequesta - up 7%
#5 Hobe Sound - down 33%
In North Palm Beach County, there was a median sales increase of 11% in June. Single-family home sales in North Palm Beach were up 111% when compared to May, which is the highest monthly sales total we have seen in North Palm Beach in many years. In June, 19 North Palm Beach single-family homes were sold compared with nine during May. The June numbers are a dramatic increase over the 12-month average of 9.92 homes each month.
The Palm Beach luxury market, which includes homes above $1,000,000, boasted a solid performance with three sales that equated to 16% of the overall market. Many believe that 2012 will be the year that prices finally rise after seven solid years of declines.
Many home buyers are finally coming off the sidelines after being scared off by the declining real estate market in recent years. There has been nothing but bad news reported, which has ultimately overshadowed a market that now boasts low interest rates and favorable home prices. But the increase in buyers means that competition will continue to be fierce, and home owners will have to act swiftly if they hope to find a great deal on a home.
It’s not uncommon for sellers to be faced with the challenge of entertaining multiple offers right now. While it’s a good problem to have, it poses an issue for buyers who aren’t afforded with many options. Their offers have to be attractive, well thought out, and timely in order to stand a chance of being accepted.
Having an expert Palm Beach realtor on your side can make purchasing a luxury property in Palm Beach that much more seamless. If you’re interested in learning more about available luxury properties, please don’t hesitate to contact our team of real estate agents. We would love to discuss your real estate needs.
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