Local Condo Prices Continue to Soar
Up once again to new multi-year highs
The median sales price of a condo in the northern Palm Beach County region is up again. As of June 15th the median price was up to $190,000; a level that we have not seen in these parts since 2008. Nowhere in the world of real estate is the ride more like a roller coaster than the south Florida condo market. Up 49% one year, down 25% in another. Since the turn of the century we have seen it all.
Looking at the numbers is is hard to see how things are going to change. Rising demand from around the globe, limited supply of land on which to build and it seems prices are going to continue to climb in the local condo market. As of June 15th, the median price of a condo in the area climbed another 2.7% from where we stood just a month ago. To date in 2014 the median sales price of a condo in the region is up 10.5% from the final 2013 numbers. It seems like our two year streak of double digit gains in condo pricing is on its way to a 3rd straight double digit gain. Guess what; we never even accomplished that feat during the height of real estate mania.
What do we need to ensure that happens? A good summer. Demand to continue. Buyers writing contracts. So far this year buyers have come through and we are on pace to sell more condos locally than any year in history besides 2004. But summer time in paradise is a time to chill a bit and the real estate market usually does. And this year it will too. But will it chill enough to slow down this freight train of rising prices?
Time will tell........
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