The Harelik Team, realtors based in Palm Beach County who specialize in Over 55 Communities, has gathered a 24 month history showing that the Palm Beach real estate market has grown healthier and is likely to continue improving through 2013. Using both anecdotal evidence and statistical data obtained from Trendgraphics Inc, the Harelik Team has highlighted key areas demonstrating this positive trend.
Palm Beach, FL -- (SBWIRE) -- 01/07/2013 -- The Harelik Team, realtors based in Palm Beach County who specialize in Over 55 Communities, has gathered a 24 month history showing that the Palm Beach real estate market has grown healthier and is likely to continue improving through 2013. Using both anecdotal evidence and statistical data obtained from Trendgraphics Inc, the Harelik Team has highlighted key areas demonstrating this positive trend.
During the period of December 2010 through November 2011, the available homes for sale decreased by 14.25%. In addition, 11,790 homes were sold in the 2011 period; by comparison, 12,731 homes were sold in the 2012 period, a year-to-year increase of 941 homes, or 7.4%. Between these two periods, the average sales price for a home went from $332,000 to $344,000 – an increase of $12,000, or 3.5%.
According to Joel Harelik of The Harelik Team,
“In essence, 2012 was a better year for Palm Beach real estate than 2011; furthermore, the growth has been consistently sustained for a long period of time: over the past two years, the ratio of selling price to list price went up from 89.25% to 91%, while the average day a home remained on the market decreased by 3.9%. Therefore, not only have home sales grown in frequency, but properties are increasingly selling faster and closer to their preferred price.”
The Harelik Team’s report identified several factors driving this rebound, including lower interest rates, fewer homes in inventory, and increased home sales (which increases selling prices). Additionally, the team noted that Palm Beach’s real estate market is uniquely active throughout the year, owing to its diverse market of homebuyers that alternate throughout the year, such as foreign visitors, retirees, single-families, and “snowbirds” (residents from Canada and the Northern United States who purchase second homes for the winter).
The long-term sustainability of this trend, coupled with the year-round activity in Palm Beach’s real estate market, suggests that 2013 will be a healthy year for Palm Beach real estate.