Palm Beach County Housing Recovery Ranks Among the Country’s Best
Palm Beach County Housing Recovery Ranks Among the Country’s Best
There’s good news for Palm Beach County home owners. In a market that was once one the country's hardest-hit, things have most definitely turned a corner and it is now one of the country’s most improved. A look at the Palm Beach County and Broward County housing markets show exceptional improvements in the median price of a home. Here’s a snapshot:
● Palm Beach County: The median price of a Palm Beach home was $169,000 in December, a 35% annual increase that led the nation.
● Broward County: In Broward County, the median price of a home in December was $127,000, a 21% jump. Broward County ranked 9th nationwide, while Miami-Dade County's 20% increase tied it for 10th place with Sacramento, California.
Around the country, the real estate market is moving in tandem with the economy at large. Prices have been rising quickly in markets hard-hit by the recession. They include Phoenix, Arizona, San Francisco, California, and Las Vegas, Nevada. According to the report, South Florida homes lost about half of their value during the downturn in the economy, but 2012 breathed new life into the troubled industry.
This was fueled by a strong demand by investors, historically low interest rates, and low inventory levels that have helped to push prices higher. Additionally, rising rental rates have also contributed to the recovery
Experts also say that distressed homes on investors’ radars because lenders are working with owners to complete short sales. They feel that it’s better to strike a deal with home owners who can leave the properties in good condition, making it easier for the banks to turn around and sell them to investors.
Palm Beach County was one of the top turnaround markets in the country during 2012, with a 35% change in median price between 2011 and 2012. Here’s a look at the country’s top real estate markets in terms of change in year-over-year median price:
1 Palm Beach County: 35%
2 San Francisco-East Bay: 31%
3 Phoenix: 31%
4 San Francisco: 30%
5 Silicon Valley: 28%
6 Las Vegas: 25%
7 Tucson: 24%
8 San Gabriel Valley, CA: 23%
9 San Diego: 22%
10 Broward County: 21%
11 Miami-Dade County: 20%
12 Sacramento: 20%
For assistance with all of your Palm Beach home buying needs, please contact our local team of real estate agents. We specialize in Palm Beach luxury homes and Palm Beach Condos and would love to assist you in finding the home of your dreams.
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