MAY 25, 2012 NATIONAL ASSOCIATION OF REALTORS GRAPHIC REPORT

REALTORS ASSOCIATION OF THE PALM BEACHES POINTS OUT THAT THE MEDIAN SALE PRICE OF SINGLE FAMIILY HOMES IS UP TO $197,000 FROM $190,000 THE PREVIOUS YEAR

The median townhouse-condo price in Palm Beach County is $82,500, up from $75,000 a year ago.  Less than 1 in 5 closings were for residential home sales in financial distress.  Distressed inventories are at 2007 levels.

Short sale process by Bank of America has been "accelerated."  These indications bode well for the housing market.

Total March pending single-family home sales in the county are up 70% from a year ago for homes and 41.1% for townhouses and condos.  Single family homes inventory has decreased 38% from the previous year and 40.8% from a year earlier.

The inventory decrease and increase in number of buyers has created a more competitive market place and that has positively impacted property values.

LOTS OF GOOD NEWS IN DELRAY BEACH

Delray Beach won the “Best of the Road: 2010 Best Small Towns in America” Award, announced by Rand McNally and USA Today.

Several residential projects, “at rest” during the recent housing turmoil, are reviving.  Cannery Row, in the heart of Pineapple Grove and Bankers Row historic district, is located on NE Second Avenue and Lake Ida Road, with 82 3-story townhouses.  Clubhouse was recently completed.  Many units are sold and two additional buildings await permits.  Pineapple Grove is filled with restaurants, galleries, salons and is a thriving arts and cultural center.

Midtown Delray, a 17 building complex of 116 3-story rental townhomes, will begin construction on July 1^st.  Units will average just under 1700 sq ft with attached garages; 82 will accommodate 2 cars. One hundred forty temporary full-time jobs will be created.  Location is at 4200 Old Germantown Road, east of Military Trail and south of Linton Boulevard.  It is 2 miles west of I-95 and 4 miles east of the Florida Turnpike.  Ceilings will be9’4”.  Kitchens will have black appliances, 42” cabinets, granite countertops and modern lighting fixtures.  There will be a swimming pool, clubhouse and tot lot.

With many cultural venues, restaurants and shops, downtown Delray is a mecca for shoppers.  USA Today described Delray Beach as “getting hipper by the year.”  Recreation  and outdoor activities abound. 

MARKET HEADING UP, THEY TELL US...

"For people who have been waiting to time their home purchase close to market bottom, it's time to start shopping," said Stan Humphries, Zillow's chief economist.  Bidding wars have returned as buyers compete for a shrinking supply of homes.  Inventories of single-family homes in Palm Beach and Broward counties have fallen in the past year by 38% and 48%, respectively, local Realtor boards say.  (From loansafe.org.)


The Sun-Sentinel interviewed a dozen builders, buyers, analysts, real estate agents and other local housing observers and they agreed that the region has reached a housing floor, despite concern that another wave of bank-owned homes will hit the market.


With prices back to levels last seen in 2002, demand is strong again, particularly from foreign investors and others willing to pay cash.