For years now Palm Beach County Florida has been an extremely hot market, especially after the recession of 2007. It's been one of the best places to reside or even have a second home with beautiful beaches and waterways. It's abundant and natural beauty and becomes very attractive to those that want to retire, on a vacation home, or simply enjoy the weather.
It's been growing for most of its modern existence fueled by new development that attracts not only families but retirees from across the country. Over the last 12 months, we've seen property increase steadily since 2012 and sellers are now above water when it comes to equity. Even in the wake of recent hurricanes, real estate transactions and new listings are remaining steadily balanced. Values are up 5% over last year and we anticipate an increase even greater throughout 2018.
Here are some basic stats for the Palm Beach County area:
- The number of listings on the market is lower than one year ago.
- The absorption rate is below five months (indicating a balanced market)
- The sold to list ratio is about 93%
- Median sales price is up 5%
- And median list price is up 5% with the average list price of 8%
According to a recent article in My Palm Beach Post, we are still in a seller's market as Palm Beach County house prices slowly increase. The median home price of a single-family home was about $344,000, up 8% from 2017. The number of sales was down 2%, which usually means a decrease in inventory. Realtors counted about a five-month supply of homes according to the article as well and anything short of a six month supply is considered a seller's market. This means that if no more listings hit the market as of today it will take about five months for all listings to be sold. This is a great place to be for many sellers and while most of the market has been shifting to higher-priced homes, first-time homebuyers are still finding a magnitude of homes priced between $250,000 and $400,000. From $300,000 to over $1 million is the sweet spot and the sale of homes between $400,000 and $600,000 jump 19% over the past year. Mansions priced at more than $1 million increased 16%. Condos also rose slightly with the highest price condos being some of the longest listings on the market. A typical condo priced between $600,000 and $1 million took an average about 175 days to sell.
Currently as of April 2016, the median sales price of $739,000. The home value index is about $270,000.
If you're planning on selling or even buying throughout Palm Beach County it's important to understand what's going on in the market so they can make informed decisions and not undervalue or overprice your home. As a buyer, it's important to understand how the market is going so that you know when to buy and how much to offer.
For more information on Palm Beach County, real estate, and the housing market browse my website and view all market updates for different cities throughout Palm Beach County or simply give me a call today.