Luxury sales in Palm Beach broke records last year.
More than 1,000 properties in the area worth $1 million or more sold in 2014. The sales mark a 16 percent increase from 2013 and a 54 percent increase from 2012, according to a published report.
In 2014, the time it took to sell a luxury home decreased by 22 percent year over year to 130 days, according to the report released Friday by the Realtors Association of the Palm Beaches.
Brad O’Connor, director of economic research at the Florida Realtors, told the Palm Beach Post that luxury real estate is closely tied to the stock market.
“There is a strong tie between the Dow Jones and sales of million dollar homes,” O’Connor told the newspaper. “The luxury market and the retiree market were the first to recover because the stock market rebounded.” [Palm Beach Post] — Kristina Puga