The median sale price of condos increased 23.61%, and the number of condos under contract is up 38.2%
Palm Beach, FL (PRWEB) October 23, 2012
The number of Palm Beach condos sold and under contract skyrocketed during the first nine months of 2012 compared to the same period in 2011, according to Kevin Dickenson, a Palm Beach real estate agent. Single family home sales also show definite signs of recovery, indicating a distinct turn in the market.
This market report divides the island into five unique zones to coincide with statistics provided by the Realtor’s Multiple Listing Service.
Condos - Worth Avenue to Wells Road:
Worth Avenue is the “Rodeo Drive” of Palm Beach and is famous for its upscale shopping and gourmet restaurants. This area experienced the most impressive gain in median sale price on the island, up by 23.61% to $791,100. Sales volume increased by 9.5% with 81 condos closed during the first 9 months of 2012. There are 94 condos under contract representing a 38.2% increase from 2011 figures and inventory has declined by 11.7%. Condos in this area are currently priced from $159,000 to $10M.
Condos - South of Sloan’s Curve:
A few miles south of Trump’s Mar-a-Lago, 142 condos sold representing a 20.3% increase from 2011 figures. There are 149 condos currently under contract reflecting a 24.2% increase from last year, while inventory declined a few percent. The median sale price increased 3.64% to $320,000. Condos in this area are currently priced from $50,000 to $3.85M.
Single Family Homes - North of Wells Road:
Palm Beach homes on the north end of the island are showing strong signs of recovery with 52 homes closed representing an 8.3% increase compared to 2011. There are 50 homes under contract reflecting a modest 2.0% increase, while the inventory plunged 21.8%. The median sale price of homes in this area declined 11.46% to $2.125M. Homes are currently priced from $959,000 to $38M.
Estate Homes – Worth Ave to Sloans Curve:
This area includes Billionaire’s Row and estates are currently priced from $2.799M to $74M. In June 2012, Ruby S. Rinker sold her 12,230 square foot ocean-to-lake estate on Billionaires Row for $23.5 million. According to tax records, this is the largest single residential sale in Palm Beach in 2012. There were 9 homes sold in the first 9 months of 2012 and 10 homes are under contract at the time of this report.
Single Family Homes - Worth Ave to Wells Road:
The median sale price of homes in this area increased 7.50% to $2.150M with 17 homes sold in 2012 compared to 25 in 2011. There are 19 homes under contract compared to 24 in 2011 and inventory levels declined by 7.4%. Homes in this area are currently priced from $795,000 to $14.5M.
“Buyers always ask if we are at the bottom yet, and this compelled me to publish an annual market report,” Dickenson said. The attached graph, also available on Dickenson’s website, provides a color coded graphical representation of this market report. “Over 80% of the graph has positive green arrows, and that’s a pretty clear sign,” Dickenson said.
In 2011, Palm Beach resident and billionaire Jeff Greene told Fox Business, “This is the golden day for real estate investing, and those who didn’t get in will be kicking themselves for missing out while inventory is high and interest rates are lower than they’ve ever been”. Jeff Greene’s video can be viewed at http://www.kevindickenson.com, and Dickenson encourages buyers who are still on the fence to check it out.
Kevin Dickenson, a Palm Beach real estate agent, closed $24M in 2011 and is a Prudential Top 20 agent. What is Dickenson’s latest project? “I’m working on a 250 acre land deal with a 101 slip mega yacht marina,” Dickenson said. Kevin Dickenson can be contacted at (561) 262-8243 or visit his website for more information.
This market report was produced by Kevin Dickenson of Prudential Florida Realty with statistics provided by the Palm Beach MLS for the period ending September 30, 2012.