Palm Beach Florida Poised to Outpace National Real Estate Price Increases
Palm Beach House Prices Outpacing National Price Increases
The housing market in Palm Beach County is showing strong signs of recovery, and homes values are surging. Recently, a Zillow report revealed that the entire South Florida region experienced an increase in home prices during the third quarter of 8% year-over-year, and the increase is likely to continue throughout the year and well into 2013, according to the report.
The Realtors Association of the Palm Beaches recently reported that the median price of a single-family home countywide is now $225,000, a significant jump from $180,000 in 2011. In particular, the Jupiter area saw the largest increase in home value, with prices increasing by 9% this year.
According to Zillow's chief economist, home prices in Palm Beach, Broward and Miami-Dade counties will most likely outpace the national gains in home prices by as much as 2%. This trend is similar to trends seen in other areas that were hardest hit by the housing crisis, such as Phoenix.
The improved housing market is also attributed to an overall economic recovery in South Florida. More jobs are coming to the area, and, in particular, construction jobs are plentiful as more developers scramble to meet the increased demand for Palm Beach housing.
Low mortgage rates have also helped the housing recovery nationwide. As long as mortgage rates hover at less than 4%, economists say that potential buyers will be likely to make a move to purchase a home in the current market.
Statistics support the economists' predictions of an improving consumer confidence. According to the Palm Beach County Clerk of Courts, a record-setting 4,000 mortgage contracts were taken out during September for homes in the area. This shows that buyers are eager to scoop up available properties before prices continue to climb.
If you'd like more information on Palm Beach short sales or would like to see any Palm Beach homes for sale on our site in person, please don't hesitate to let us know! We'd love to take you on a personal tour of our favorite Palm Beach real estate on the market.
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