The scenario along the Gold Coast, which stretches from Jupiter / Tequesta to Boca Raton, is low inventory and competitive pricing.
Jupiter, FL (PRWEB) July 21, 2012
Capping a week of good news in U.S. real-estate markets is a report by the Realtors Association of the Palm Beaches in South Florida that paints a pretty picture: home sales and home prices surging in the summer of 2012.
According to the association, homes sales spiked 14 percent compared to last year, and home prices perked up seven percent to an average of $225,000. Homeowners, Realtors and economists welcomed the rosy report and said it’s another indication of a promising market recovery.
The scenario along the Gold Coast, which stretches from Jupiter / Tequesta to Boca Raton, is low inventory and competitive pricing. There is a less-than-six-months’ supply of single-family homes in Palm Beach County, a decrease of more than 40 percent from last year, according to the association. Combine that with a dash of bidding pressure, and Palm Beach County has a buyer’s market, with agents reporting homes going under contract before they are shown.
Statewide, the figures are similar. Home sales increased 5.3 percent from to June 2011, and home prices jumped more than 8 percent to $151,000.
The number of single-family residences for sale in Florida is 40-percent fewer than last year and holding. Industry analysts estimate the inventory at about six months’ worth.
The Realtors Association of the Palm Beaches released its report the same week a survey by an industry-analyst firm that showed a boost in confidence among homeowners who believe property values will continue to rise. The week also witnessed an article in The Wall Street Journal boasting, “Housing Passes a Milestone,” and the U.S. Commerce Department reporting housing starts have surpassed expectation and are at the highest level since 2009.
In Palm Beach County, two more bits of good news kicked off the summer. The Clerk and Comptroller’s office found foreclosure filings decreased eight percent in June, compared to May, and said foreclosure proceedings have gained momentum. That was followed by a local real-estate agency review of homes for sale in Jupiter that showed an eight-percent decrease in inventory. Homes for sale in Palm Beach Gardens saw a five-percent drop.
Agents at Waterfront Properties and Club Communities have seen their markets improve throughout the Spring and summer and have reported positive feedback from buyers and sellers. Rob Thomson, the firm’s managing partner, said a boost in the local real-estate market benefits the community as a whole and grooms its image as a great place to live, work and play.
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