Last year, Palm Beach County home sales are at its best. Traditional home buyers and cash investors availed of the residences of Palm Beach County therefore contributing to its marked increment in sales.
Based on a report from the Realtors Association of the Palm Beaches, the single-family home sales throughout the country in 2012, which totaled to 13, 688 sales was said to be a 10% increase from the previous year.
However, even if December reflected the highest total median sales of $229,750 last year, it wasn’t that high as compared to 2005 median sales price of $408,200. As a matter of fact, it remained to be 43% lesser than 2005’s sales.
On another point, last year’s home sales topped 204,400 by December, which is a 16% increase in 2011’s sales volume. Therefore, it has made December the 12th consecutive month of which the single-family homes’ median sales price is at its highest.
Realtors claimed that the increase in prices and decrease in inventory have frustrated most buyers most especially those who haven’t really found the great choices they used to have in South Florida. A compensating market that favors none of the buyers and sellers is known to be 5.5 month supply of inventory. However, Palm Beach County’s home supply was 5.9 months by December which is around 31% lesser than what the market has a year ago.
Realtor Ron Chazan claims that there are a lot of people becoming disappointed and dismayed with the fact that their friends are availing of homes which have ridiculously high prices and lesser inventory.
From a nation’s point of view, Palm Beach County’s single-family and condominium home sales have reached the highest this year in a span of 5 years. According to the National Association of Realtors, the volume of sales reached as high as 4.6 million which is 9% higher than 2011.
The median sales price of all home types of December 2012 totaled to $180,800. This is around 11.5% more than the same time last year’s median sales price and 10th straight month wherein homes are having annual gains since August 2005 to May 2006.
There has been a statement released from Anthony Sanders’ blog that there shall be a ‘restrain’ on the housing recovery this year through tight lending practices. He added that he worries about how the ongoing low interest rates are going to outgrow another possible housing bubble.