Latest Numbers 2nd Best Month Over the Past Year
Lately everything we have reported about the northern Palm Beach County real estate market has been bullish. Very bullish. That is until our last report on condominium sales which unexpectedly dropped like a big rock in a deep pond. Down a rather dramatic 38% over the 30 day period ending June 15th. As we started to prepare for today’s article, quite frankly, we were expecting a big drop in single family home sales. But that is not what we got.
Yesterday, after we reported that the median priced single family home in the area had moved higher for the 8th straight month to $400,000 we were really thinking only one thing. That slower sales is the only thing that could throw a damper on this real estate party we have been enjoying. And then our mind drifted to those dreary condo sales numbers we reported just about 2 weeks ago. Surprise, surprise, surprise as the single family market did not follow suit and instead turned in a rather strong performance to kick off the summer season.
As of today, sales had dropped a rather insignificant 6% from numbers the month before. Insignificant, as we can always expect a few sales added later as busy agents have not had time to update the Multiple Listing Service in some cases. Insignificant, as last months numbers were still the 2nd highest we have seen over the past year. Insignificant, as the July 1st numbers are just about 20% above the monthly average over the past 12 months. It truly was a very strong and somewhat unexpected performance. And not insignificant.
Interest rates have remained very low despite the Fed pulling back on purchases of our debt. The overall economy seems to be picking up steam with the Dow seemingly hitting new record highs almost every trading day. Unemployment continues to drop to multi-year lows. Locally real estate inventory levels have dropped, demand seems to be staying very steady so prices are rising. This is why we watch the numbers so closely.
After all, it is these numbers that caused us to sell our home in 2006 and then rent for over 6 years. The same numbers that a little over two years ago told us to quit renting and buy a house. The same numbers that right now tell us prices are heading higher. Stay tuned as markets can change direction very quickly. The Paradise Shark is ready, willing and able to provide you the very latest information on any real estate decisions you may be thinking about throughout Palm Beach or Martin County. Give us a call. After all real estate is our passion and we know the numbers.
Paradise Sharks Real Estate