JUPITER, Fla. (PRWEB) February 06, 2013
The real-estate market’s recovery has improved so much in 2012, that it’s led a local Realtors association to boast the industry will be a positive factor in the nation’s gross-domestic product for the first time since 2006.
Agents at Waterfront Properties and Club Communities, some of whom belong to the agency who issued the rosy report, have experienced the vast improvements of the past year in transactions from Stuart to the north, to Singer Island to the south.
The “Annual Report on the Palm Beach County Housing Market,” issued in January by the Realtors Association of the Palm Beaches, paints a pretty picture of the housing situation along the Gold Coast, framed by extraordinarily low mortgage-interest rates, improving home values, a lower-than-usual supply of homes for sale and unusually high rental prices.
As the feel-good vibes of the real-estate market’s recovery take root, homeowners are enjoying tangible benefits in terms of transaction details. The annual reports notes the percentage of the original list price received from Palm Beach Shores homes for sale has risen 6.3 percent, compared to 2011. Overall, the percentage of the original list price received shot up to 90.3 percent, compared to 81.8 percent in 2008.
Prices in general remain a high point, both figuratively and literally, of the annual report. Last year ended with a more than 15-percent gain in the median price of a residence – both single-family homes and townhouses / condominiums combined – to $144,000. The gain in the average sales price is 10.6-percent rise to $253,270.
Nearly 34,000 units were listed in Palm Beach County in 2012 – again, both single-family homes and townhouses / condominiums combined – marking a 4.2-percent increase from 2011, the association said. Of those units listed, a total of 26, 248 closed last year – a 3.6-percent improvement.
Waterfront Properties welcomes the news from 2012, and is looking forward to more success stories in 2013.