Palm Beach County witness to increasing multi-million dollar home purchases

  • 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.

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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.