The entire South Florida market has shown promise in its rebound from the housing collapse of last decade, and Palm Beach County has once again proven to be on the upswing based on recent statistics. The Realtors® Association of the Palm Beaches (which is the 6th largest local association in the country and represents over 14,000 REALTOR® members), recently completed a study that made it abundantly clear that Palm Beach real estate is on the rise. Below are a few enamoring statistics that the study revealed.
- In 2015, Palm Beach County single family homes saw a 12.8 percent increase in the number of closed sales when compared to 2014. The median price of these same homes increased by 5.9 percent over the same time period. In regards to townhouses and condos, the number of closed sales increased by 16.2 percent in 2015, and the median sale price increased by 15.5 percent.
- Single family homes were on the market for a median of 35 days in 2015, opposed to 54 days in 2014. Condos and townhouses clocked in for this same statistic at 63 days and 45 days for 2014 and 2015 respectively.
- The average of the original list price received for both types of properties in Palm Beach was greater in 2015 than in 2014.
These above statistics certainly affirm the statement that the South Florida real estate sector is on the rise. If you are interested in learning more about Palm Beach Island real estate, Jack Elkins would love to meet. Jack is the resident expert on the Palm Beach lifestyle, and is armed with the knowledge and expertise to show you all of the astounding things that the area has to offer. Jack and his team invite you to schedule an initial consultation to discover more about the wonders of the Palm Beaches today.