Palm Beach's housing market shows strong improvements1 May 2013 10:04 AM
The Palm Beach housing market has made significant gains over the past few months and years, and recent news suggests that this trend is not only holding true but accelerating. According to WPTV, the median price for a home in the region has climbed 28 percent on a year-over-year basis, suggesting that the Palm Beach real estate market is finally returning to pre-recession levels.
Over the course of 2012, the region largely rid itself of median price-lowering foreclosed properties, which has helped buoy both real estate prices and consumer optimism. With the lower-valued properties off the market, many homebuyers are turning their attention to luxury homes and other higher-priced properties in the region.
Data from Zillow confirms this thinking, as the Sun Sentinel reports that home values throughout southern Florida - including not only Palm Beach County but Miami-Dade and Broward as well - leapt 12 percent between the first quarter of 2012 and 2013. Although the values have still not equaled the peak they reached in April 2006, the upward trend indicates that consumers are more confident than they have been since that time.
One result of the increased competition and mounting optimism is that the region is experiencing a rapidly depleting inventory. As home values return to more palatable levels, many buyers who were previously turned off by the recession are once again diving into the market. As a result, inventory continues to dwindle on a month-by-month basis. Many people with knowledge of the local market are hoping that inventory will rise to keep pace with demand.
"We'd like to see the supply increase because the demand is there," Summer Greene, a general manager for Better Homes and Gardens in Fort Lauderdale, told the source.
Whether the region's inventory climbs to accommodate demand or not, it is clear that the Palm Beach real estate market is in better shape than it has been in for years. According to Zillow, prices and demand have been steadily rising in the recent past, and optimism among potential buyers continues to climb.