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Homes Sales Rise 24 Percent in Palm Beach County

The year 2011 concluded with a 24% spike in home purchases for Palm Beach County, Florida. Median prices for existing single-family homes dropped to $193,700, no doubt sparking the interest of real estate investors and those looking to buy a West Palm Beach home for sale for personal use.

Where the prices end up is mainly a matter of conjecture although Palm Beach County prices actually increased 5% in December from the previous month.

With record setting low-interest rates on loans and favorable home prices, many are deciding that now is the time to capitalize by purchasing West Palm Beach real estate.

The Chief Economist of the National Association of Realtors, Lawrence Yun, commented, "Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market."

Investors are swooping in to buy West Palm Beach condos for sale, in particular. With many still shut out from the buying market, this has resulted in a strong rental market. Seeing this opportunity, Palm Beach County condo sales skyrocketed 30% from the previous year.

Downtown West Palm Beach condos for sale make easy rental units because of their convenient location and outstanding array of amenities. Investors are currently looking to buy in condominium buildings such as The Montecito, The Edge, and The Prado.

Also galvanizing condo investors is that the median price for Palm Beach County condominiums dropped 14 percent to $77,500.

If you're considering buying property in West Palm Beach, this may be your window of opportunity because of low interest rates, prices that are low but beginning to rise, and because of the current relative ease of finding a tenant to rent your investment property.

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Homes Sales Rise 24 Percent in Palm Beach County

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