Palm Beach Gardens home prices drop for 4th straight month
Median single family home prices in Palm Beach Gardens, and the rest of the Northern Palm Beaches, were down in September for the 4th straight month. As of October 1st, the median single family home price in the region sits at $495,000. This is the lowest level we have seen for 7 months and is 4% below the all time record high of $515,000 we enjoyed back on June 1st.
Seasonal factors certainly play a role, but the main culprit remains the lack of quality inventory for buyers to choose from. Pending home sales are poor, and with closings of homes above the $1,000,000 price point setting record after record, there is significant weakness in other market segments. Interest rates remain near multi-year lows, economic news remains positive and the large number of people moving into the state all are bullish signs for the market.
Things in Washington are getting more bizarre with each passing day and the divide in this country is wider than we have ever seen in my lifetime. I am thankful my parents and grandparents are not here to witness what is going on, and I am more than a bit worried about what the future holds for our children and the generations that follow.
It is hard to guess how today’s political environment will effect the local real estate market but there no doubt will be an effect. If the economy stays strong, and interest rates remain near all time lows, we should see strong demand once seasonal buying starts up in January. While inventory levels will increase over the next few months, the lack of quality, coupled with strong demand should push Palm Beach Gardens home prices higher. Buyers may be best suited by searching for the right opportunity over the next three months while sales remain slow. Still, keep a close one on economic news as any serious hiccup could have significant implications on the real estate market.
Anybody considering a purchase, or sale, in today’s market should be interviewing real estate brokers and asking a lot of questions. The waters are rough and uneducated decisions may cost you thousands and thousands of dollars. Paradise Sharks loves to make sure our clients make educated decisions and complimentary consultations are easy to schedule by contacting us at email@example.com or 561.308.0175.
We have decades of experience and Paradise Sharks was founded to make quality real estate services available to everyone at prices most of our competition can only dream about. We are not encumbered by a broker taking a portion of our commissions, or by paying franchise fees and other middlemen costs. We simply pass those savings on to our clients, where they belong. You can always pay more, and receive less, but that just doesn’t make any sense.