subject: Find West Palm Homes For Less With These Simple Tips [print this page] The housing crisis hit Florida much harder than most other U.S. States. Because it is a popular destination for retirees and millions put off retirement during the recession, real estate prices fell when demand dried up. The more populous the city, the most these prices dropped, as a general rule. With a population of more than 5.5 million in the greater metropolitan area, West Palm Beach is one of the principal cities in South Florida.
While home prices have fallen a bit in the last few years, the population of West Palm Beach continues to grow, up 21.7 percent since 2010. Many new residents start out as renters and later buy West Palm homes at affordable prices. According to recent market research, most new buyers are traditional homeowners, while the rest are real estate investors.
The increase in the number of investors is a good sign for the local market. West Palm homes on the market continued to decline in 2012. Sales of condominiums and single-family homes increase by 13.5 percent from 2010 to 2011. Foreclosures are also trending down, which is another auspicious sign that the market is stabilizing.
We also know that first-time buyers are coming back to West Palm Beach. More than one-third of all sales in 2011 were completed by first-time buyers. This lets us know that new buyers, most of whom are moving to the area from out-of-state, have confidence in the strength of the market. Investors pay close attention to numbers like these, since they often indicate future growth.
Although it was the first region to rebound from housing crisis, existing home sales fell in the Northeast in 2011. On the other hand, they increased in the South, especially in Florida. It makes perfect sense, of course. These are the regions that were hardest hit during the crisis and they are slowly starting to recover. It is also important to note that many the same Northeasterners who have seen the value of their homes fall in the last year are snapping up less expensive real estate in the Sunshine State.
West Palm real estate listings for the average home or condo are slightly above the state average of $182,000 at around $219,000. The good news, however, is that investors who bought West Palm homes in 2000 were handsomely rewarded, if they held onto them until 2010. The median price of a house or condo in 2000 was just $91,000. That's a profit of nearly 60 percent! There is certainly no guarantee that history will repeat itself. But West Palm condominiums and homes are currently quite affordable, compared to pre-housing crisis prices.
