Local Condo Prices Continue to Soar

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by Tom Priester


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.

Median Condo Prices

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……..

Tom Priester
Principal Broker

Paradise Sharks Real Estate
561.308.0175
tom@paradisesharks.com

http://www.paradisesharks.com

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Tom Priester

After spending years among the top individual performers at one of Palm Beach County’s largest and most successful real estate brokerages, Tom Priester knew there was another way to do real estate. A better way. Real estate services focused on the customer. Like the old days when the customer truly was #1. He tired of listening to why he should be going out to have his customers sign one sided buyers’ brokerage agreements. He tired of hearing how he should be selling customers why paying higher commissions, like 7% and 8%, was to their benefit. He tired of hearing how he should sell his clients on why they should be paying hundreds of dollars in additional “transaction fees”. The business had slid way too far from being focused on the customer. His customer. So he decided the time was right to be different…..by design. To start his own unique boutique real estate firm truly focused on his customers. They will now have access to a process focused on them. Only the best marketing techniques to sell their homes. No cutting corners. Commission structures based on his clients needs not his. Paradise Sharks was born out of Tom’s passion to return this business to the customer. Where it belongs. If you want a real estate experience that benefits you, just give Tom a call at 561 308-0175 or send him an e-mail at tom@paradisesharks.com. You can always pay more and receive less but that just would not make any sense. Would it?

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