Palm Beach Gardens condos see prices rise again to another new record
Median condo prices in the Northern Palm Beaches have been rocketing higher now for 7 straight months. During that span, prices are up 10.8%. You have to go back to 2018 before finding a month where median condo prices in the Palm Beach Gardens area have been lower than the month before. As of today, that median price sits at $254,950, up from the $252,750 we sat at one month ago.
Prices are the highest we have seen since 2006, and for the first time an all time record price, is within our sights. We may have to wait a bit longer however, as even though prices did move higher last month, sales volume was not very strong. In fact, we have to go all the way back to February of 2018 to find a month with fewer condo closings. Compared to the same period last year, sales were down 24% which is a significant decline. Slower sales will most likely keep a damper on prices moving much higher from these levels.
Inventory once again is a problem, as today’s prices stretch the budget for many first time buyers who simply can’t afford the price tags we are seeing in the single family market. There are 26% fewer condos on the market in the Palm Beach Gardens area than we saw just 6 months ago, so buyers options have been shrinking. On the good news side, is the fact in another 30 to 45 days we should see seasonal listing activity start picking up and we remain hopeful this will once again create some added demand for Palm Beach Gardens condos. Interest rates remain favorable, but demand will need to pick up if prices are to continue marching higher.
Paradise Sharks is watching the numbers that effect the value of your home very closely, so if we can ever be of help please feel free to reach out to us at email@example.com or 561.308.1075. Having been involved with nothing but real estate for decades our boutique brokerage is half way through our 6th year and our culture allows us to provide a higher level of service at lower costs than many other brokerages. With no franchise fees, broker splits, or other middlemen expenses, we pass those savings directly to our clients. Complete world class listings with Paradise Sharks start at low at 4% and we now always give our buyer clients substantial credits at the closing table. If you are ever interviewing real estate brokers please keep us in mind. We guarantee we will save you money and put a smile on your face.