Cape Cod News
Prices rising, inventory diminishing in Palm Beach7 Nov 2012 5:09 PM
Only a couple of years ago, southern Florida was one of the hardest-hit areas in the country in terms of home value depreciation. However, as the market across the country has improved steadily, property values in the region, including Palm Beach, Broward and Miami-Dade counties, have recently seen significant improvements.
According to The Sun-Sentinel, home prices rose 1 percent in August when compared to July and an even more promising 6.7 percent from August 2011. This marks the eighth consecutive month of annual increases, indicating that the region is experiencing a strong rebound.
"The sustained good news in home prices over the past five months makes us optimistic for continued recovery in the housing market," David M. Blitzer, chairman of the S&P/Case-Shiller index community, said in a statement.
According to the source, median home prices rose again in September, likely urged upward by diminishing inventory levels. In fact, even though both Broward and Miami-Dade counties have seen median prices rising, Palm Beach homes have seen the largest price uptick. The source reports that median home prices in the county jumped a whopping 25 percent in a year-over-year comparison.
Increasingly motivated buyers across South Florida are helping keep demand and prices up, the source reports. As inventory diminishes, the region is shifting toward a sellers' market.
With stunning beaches, high-quality luxury homes and a vibrant social scene, Palm Beach is an appealing option for homebuyers, especially when property values are in the midst of such an enduring upswing. Whether looking for a beach-side property or a house closer to downtown, buyers will likely have many great options to choose from in this popular South Florida destination.