More than 1,000 properties in Palm Beach area sold for over a $1 million in 2014 setting a new record. The sales mark a 16 percent increase from 2013 and a 54 percent increase from 2012, according to a recent report by the Realtors Association of the Palm Beaches. It found that the the time it took to sell a luxury home decreased by 22 percent in 2014 to just 133 days.
“There is a strong tie between the Dow Jones and sales of million dollar homes,” says Brad O’Connor, director of economic research at the Florida Realtors. “The luxury market and the retiree market were the first to recover because the stock market rebounded.”
