Luxury Oceanfront Home Sales Increase in Palm Beach and across the United States

September 7, 2012

This time it’s the luxury oceanfront condo market in Palm Beach that’s improving. According to attorney and real estate analyst Leslie Robert Evans, condominiums and co-op sales in Palm Beach rose 38.2 percent the second quarter compared to the same period last year. Evans also says that the dollar volume of condo and co-op sales rose 36.5 percent compared to the previous year. This is good news, because luxury oceanfront condo sales in Palm Beach have been somewhat sluggish compared to Miami.

This increase in sales seems to be a country wide trend, which is another indication that the housing market is recovering. The National Association of Realtors released a report on Wednesday about home sales across the United States and how homes are beginning to sell more quickly.  

“The increase in both the median sales prices and the number of condos/co-ops sold, when viewed with the decrease in foreclosures, is a positive trend,” Evans said.

According to the report, the average home transacted within 69 days of being listed last month, which is a 29.6 percent drop from the previous year. 

“As inventory has tightened, homes have been selling more quickly,” said Lawrence Yun, chief economist at the National Association of Realtors.

This increase in sales could lead to a median home price increase of about 5 percent, according to the National Association of Realtors forecast.

Full Story: Bloomberg