Luxury real estate in Palm Beach County saw a double-digit increase in home sales last month compared to July 2017. The number of home sales above $600,000 rose 26.6% over last year and homes in the $1 million+ price range saw a whopping 30.6% increase. It's the first time the county has seen such a spike.
New luxury construction is being developed all over the Palm Beaches which helped drive sales, as many people would rather purchase a new property opposed to possibly having to put up thousands in upgrades on older home. Reports have also shown a notable increase in people from the Northeast relocating to the area for job opportunity, higher pay, recreation and less tax.
The month of July was also a good indicator of future closings with nineteen $600,000+ homes under contract. The number of closed home sales was totalled at 1,534 compared to 1,509 in 2017.
Cash sales also increased nearly 9% more than last year and condos and townhomes also had great sales last month with 1,180 units sold, up 9.8%. Overall, 94.7% of sellers closed at their original listing price. The inventory pool, on the other hand, has gotten smaller (down 5.1% over last year), which means it's truly a great time to list your old home and upgrade to your dream house.
If you're ready to begin your next chapter, find out information about selling your current home here, then start your search and contact one of our experienced agents to help you reach your housing goals.
Pictured above: 18658 SE St. Augustine Way, Tequesta, FL 33496. Click here to see more photos and information about this brand new home.