South Florida Median Condo Prices Remain Near Highs

Northern Palm Beaches condo prices remain near 6 year highs

Last week we put the “schizophrenic” label on the local real estate market. With pending home sales hovering very near multi-year lows who knows what 2015 will bring. There are signs, but they differ dramatically by property type, location and condition. And they are constantly changing. Always changing.

Condo Prices
It seems like one thing hasn’t changed, at least it hasn’t for the last 3 months. Condo prices in the Northern Palm Beaches. As of December 15th, they did not move again. If prices are going to stay in a rut it is nice that the rut is very near the highest prices we have seen since 2008. In fact, over the past 7 months local condo prices have not moved much with the largest monthly variation being $2,500. Today, we sit at the very same median sales price we sat at on June 15th.

The condo market has performed much better than the single family home market, especially over the 2nd half of the year. Consider that median condo prices are unchanged since June 15th. During that time the median single family home price in the area has moved from $400,000 to $370,000. Down a rather significant 7.5% over the same period that condo prices have not moved and instead stubbornly hold close to multi year highs. Schizophrenic indeed.

One thing is for sure, 2015 is going to be another interesting year when it comes to south Florida real estate. We still are counting on our northern visitors to bring strength to the market through the first part of the year. But nothing is for sure. Condo prices are holding steady and we are waiting to see if the next move is going to be up…..or down.

We do know that things will be quiet until the new year kicks off. It certainly looks like we will be starting if off with the absolute worst pending homes sales report we have brought you in years. Some say that when you are at the bottom things can only get better. We will see in the coming weeks.

Fins up……

Tom Priester
Principal Broker

Paradise Sharks Real Estate
561.308.0175
tom@paradisesharks.com
http://www.paradisesharks.com

Advertisements

Published by

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?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s