|Palm Beach County’s condominium and townhome prices edged up in December, ending the year at their highest level in 12 months as inventory dropped. |
A report released last week by the Realtors Association of the Palm Beaches pegged December’s median sales price for a condo or townhome at $98,750 — a 34 percent increase from the previous year but a 55 percent drop from the peak of the market when units were selling for $220,400.
While the 13,953 units sold in all of 2012 are on par with 2011, the volume is double the amount purchased during the tail end of the boom in 2006.
Condo and townhome inventory is down to a six-month supply, with 7,000 units countywide on the market. That’s a 24 percent decrease from December 2011.
Real estate experts say the condo market is exceedingly attractive to investors, who can rent out units and rely on associations to maintain the property. In December, 79 percent of condo sales in Palm Beach County were cash deals — typically a sign of an investor purchase.
Cash was used to pay for about 50 percent of Palm Beach County single-family homes bought in December.
December condominium and townhome sales snapshot
- Cash deals: 79 percent
- Median days on market before sale: 76
- Number of sales worth less than $50,000: 211
- Number of sales worth $1 million or more: 29
- Median sales price of a non-distressed unit: $108,250
- Median sales price of a foreclosed unit: $71,875
Source - Palm Beach Post 1/28/2013 - By Kimberly Miller, Palm Beach Post Staff Writer