Condo prices continue to climb
It is once again time to check on median condo prices in the Northern Palm Beaches. And once again it’s the same song we have been singing for about 6 months. Up, up, up like a hot air balloon.
Over the past month, median condo prices in the Palm Beach Gardens area are up another 3.2% to $246,500. This brings the overall price increase over the past 6 months to a rather lofty 14%. The number of closed sales has also been rising for 5 consecutive months and over the last month sales are up 10.4% over year ago numbers.
Pending home sales have been falling which means we will have fewer closings in the months ahead. Will prices be able to continue their climb is the big question. Watch for higher prices again next month but after that watch closely.
The next 8 months will bring slower sales with the next big boost in pending condo sales coming about the middle of January. Buyers remain cautious and there are still relatively few well priced units in great condition for buyers to select from.
Interest rates have trended slightly lower this week but with the Feds latest direction may be heading higher. If they rise much from these levels, watch for them combined with high home prices and limited inventory to be a drag on the market. We have seen the rise in rental prices start to level off in the Northern Palm Beaches as affordability becomes a huge factor.
If you are even thinking about doing anything real estate, please speak with at least three brokers. Sellers need to understand that 6% is no longer the “going rate” for commissions and very high quality services are available to them at far lower prices. Buyers need to understand the importance of having a game plan and the ability to play their hand properly in order to get the home they want. Paradise Sharks loves to educate and would be honored to assist you with any of your real estate needs throughout Palm Beach or Martin County. Please feel free to reach out to us anytime at 561.308.0175 or firstname.lastname@example.org.