Last month overall single-family homes sales activity in Palm Beach County was down; however, recent data suggests the demand for $1 million-plus homes is increasing. According to brief from Rabideau Law, lenders doled out 62 residential loans that were each valued at more than $1 million in February. During the prior month, 48 such loans were issued for transactions in Palm Beach County. The 62 loans issued in February equated to $121.1 million in lending volume. The average loan had a value of $1.95 million. Eyeing the last three months, December through February, lenders doled out 175 loans for $1 million-plus loans for a total volume of $341.7 million. During the three months prior, 145 such loans were originated for a volume of $266.9 million. A significant volume ...
- The average loan size for a luxury home was $1.95 million in February.
- Wells Fargo, Bank of America and JP Morgan Chase are the most active lenders in the county's luxury home sector.
- $1 million-plus mortgages accounted for $121 million of lending volume in February.