West Palm Beach Real Estate Market

West Palm Beach Real Estate Market

West Palm Beach is a city and the county seat of Palm Beach County in Florida. It is one of the three major cities in South Florida. It has amazingly beautiful sunny skies, range of cultural activities and outdoor attractions. This lovely area presents the ideal setting for a perfect home. It attracts professional and it is the right choice if you choose to buy or rent a property. Nearby cities to this marvelous place are Royal palm beach, Lake Worth and Palm Beach Gardens. It hosts a whole lot interesting social events year in year out.

Life Style in West Palm Beach

West Palm Beach provides a special treat for a weekend escape. Having a home there, you have access to coastal life and golf courses. The island features a museum, plenty of picnic areas and walking plus biking paths. The ferry ride to the island cruises past the opulent mansions of the city’s luxury residents. For those who prefer indoor activities, the Norton Museum boasts an exceptional collection of American, European and Chinese art. Famous performers appear at the Kravis Center and at “The Harriet”. Of course there is always nice shopping, which is the city dwellers favorite pastime. From big name department stores to designer boutiques, West Palm Beach has it all. It has expensive homes and condos right at the beach front and if you prefer to go for the less expensive ones, everyone’s choice is available.

Current West Palm Beach Real Estate Luxury Market trend

West Palm Beach real estate luxury market trends shows a 20% increase in median home sales in the last year. The average selling price per square foot for this same period rose to $171, up from $137.

There is a slight decrease (-1) in West Palm Beach home resale inventories in December 2016. Distressed properties such as foreclosures and short sales remained unchanged as a percentage of the total market in January. The median listing price remained the same from December to January and there is no increase or decrease in price.

A total of 1,974 single-family homes were sold towards the end of the last quarter of 2016 at a median price of $ 259,000 per property, according to statistics. Meanwhile, sales for condos and townhouses picked up slightly and at the same time, a bevy of new and expensive housing inventory is hitting the market. Condo listings actually decreased 2.2 percent to 1,580 properties, although they surged by 11.9 percent just a month before.

The overall figures paint a gloomy picture and there are bright spots to report: home and condo sales between $400,000 and $800,000 increased considerably year-over-year, indicating that the luxury and distressed portions of the market that both saw deadlines are to take the blame of the overall slowdown.

Bank regulators are clamping down on banking institutions that already have broad exposure to the luxury market. West Palm Beach has a lot of proposed projects and constructions, obtaining bank loans will be an issue for some developers in the city.

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