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Palm Beach housing market sees gains across the board

26 Mar 2013 1:49 PM
Palm Beach housing market sees gains across the board

The figures on Palm Beach's housing market continue to get better and better. After a strong close to 2012, this year has started on a similar note. Almost metric used to evaluate the current market of Palm Beach real estate - month-over-month, year-over-year, sales price and sales volume - reflects a continually strengthening housing market.

According to the Palm Beach Post, the median price for homes in the region showed particularly strong movement, as it rose 27 percent between last February and this one and 8 percent since January. Additionally, the 1,012 homes sold during February represented a 9.6 percent year-over-year increase and a 5 percent month-over-month improvement.

"The housing numbers reflect a positive trend and the return to a more conventional market," Tim Harris, president of the Realtors Association of the Palm Beaches, told the source. 

One reason for the rise in sales price has been the rapidly shrinking inventory. According to the Sun Sentinel, homebuyers are facing a much tighter market than they have in the last few months and years. Facing the dwindling stock of for-sale homes, many buyers are finding that they have to be more active and aggressive in their search. 

The gains seen in Palm Beach are being mirrored by nearby communities. In fact, according to Boca News Now, South Florida as a whole has seen several consecutive months of improvements. These gains are welcome after the recession of the late 2000s, when many of these communities were clogged with foreclosed homes and experiencing rapid declines in median price. However, those days are over, as prices rise and inventories continue to drop in and around Palm Beach County.