New Post Bubble Record for Local Condo Prices
North County condo prices climb higher.....again
For the fourth straight month buyers have pushed the median condo price in Palm Beach Gardens and the surrounding communities higher. Even on slower sales volumes nothing seems to be able to stop prices from reaching new highs. As of July 15th, median prices in the area are up another 2.4% over the past 30 days. Up over 11% from where we stood one year ago. Strong numbers. Impressive numbers.
We keep telling our clients to expect a pullback during the summer and while we have seen this slowdown over the past 2 months in condo sales, prices continue to move higher. Condo prices haven't been higher since 2008 and if we continue the current course that year too will be in the rear view mirror soon. Very soon.
Keep in mind that these are numbers for the entire northern Palm Beach County region which encompasses a multitude of locations and price points. Inventory in the most sought after areas is limited and in more and more buildings non existent. Can things keep heading in this direction for the short term? The mid term? The long term?
The answers are yes, yes, yes. But, please remember that markets change and we live in a new world where nothing makes sense. Markets can change and at some point they will. We just don't know when, but they will. Remember the "fiscal cliff" that was all the rage a couple years back? Well it is still out there and steeper than ever but nobody seems to care. Mid-term elections are upon us but nobody will probably pay much attention until we start up the mud slinging for the 2018 Presidential campaigns.
Remember that Paradise Sharks is different.....by design. We know the numbers and want our clients to know them as well. We remember well when we listed our home for sale in 2005; how the neighbors told us we were "ruining values in the neighborhood". No, we were protecting from losses on a home that we in fact profited on. Later, after two more sales, prices had eroded about 50% from what we sold for. Were we a bit lucky in our timing? No doubt but we were watching the numbers and listening to them.
Right now the numbers look awesome as does the future of south Florida real estate. Foreign investment continues to skyrocket and it is one of the world's premier destinations. We see this trend continuing and gaining strength until the numbers tells us something different. Always interesting, always fun.
Paradise Sharks Real Estate