Palencia, the 1,450-acre master-planned community in St. Augustine, is reporting a strong market upturn with significant homes sales and a diminished number of existing home inventory.
According to the December statistics from the Multiple Listing Service, the number of single-family homes sold at Palencia increased 46 percent from 2010 to 2011 while the total volume of single-family home sales increased 67 percent during the same time frame.
The community sold 60 homes in 2011 resulting in $25 million in total volume of single-family homes sales. The average sales price of single-family homes in the community increased 14 percent from $366,000 in 2010 to $417,000 in 2011.