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Palm beach real estate market sees sizable gains in May

25 Jun 2013 11:09 AM
Palm beach real estate market sees sizable gains in May

The upscale housing options found along the Florida coast have traditionally attracted many affluent homeowners, and continue to do so today. 

New reports from local and state organizations make it clear that there are currently numerous opportunities for those who are hoping to purchase Palm Beach homes. If you are looking to acquire a vacation home, or upgrade to a more accommodating permanent residence in this area of the Sunshine State, you may be well-positioned to take advantage. 

Using information compiled by the Realtors Association of the Palm Beaches, the Palm Beach Post recently reported that single-family home sales in May improved more than 14 percent from year-ago levels, which represents the highest level seen in six years. Additionally, the median sale price of houses in this prosperous area rose significantly in the last 12 months. 

Promising growth also seen in state housing market
In addition to the gains exhibited in Palm Beach, similar improvement was also observed statewide. Florida Realtors, reported a total of 22,375 existing single-family homes were sold last month, representing a nearly 19 percent improvement from May 2012 amounts. Meanwhile, an almost 16 percent increase was seen in the median sales price of such residences.

"Home sales continue to increase, it's taking less time for sales to close, and median sales prices are on the rise," said Dean Asher, president of Florida Realtors. "This is the 17th month in a row that we've seen the statewide median sales prices increase year-over-year for both single-family homes and for townhome-condo properties."

Palm Beach real estate market favoring buyers and sellers
If you're looking for a viable opportunity to obtain luxury homes in Palm Beach, you may be able to choose not only from existing properties but also new construction. Asher detailed a sizable rise in available houses across the housing market, which may again be seen in subsequent months. 

"Sellers are seeing this momentum in Florida's housing sector and it's prompting many to decide now is the time to list their property for sale," Asher continued. "Statewide, new listings for single-family homes increased 10.2 percent in May, while new townhome-condo listings rose 7.1 percent."

With the many positive developments seen in Palm Beach and throughout Florida last month, it is more apparent that the nation is in the midst of an ongoing housing recovery. Accordingly, those looking to purchase refined real estate in the costal city may have a plethora of options to choose from, and the ability to capitalize on substantial deals.