Palm Beach Gardens Area Home Prices Soar 15% Since February

Median home price sets new 8 year high

Let’s face it, the real estate market here in the Northern Palm Beaches has been fantastic. A few days from officially kicking off summer the action is good. No make that great. Compared to last year, median single family home prices are up 8%. Sales for the month ending June 1st are just a fraction below last years record pace. Pending home sales pulled back slightly but remain 6.8% higher than year ago numbers. Times are good. Very good.

Prices
We keep telling you that things are going to slow down this summer, and they will. They question is, when, and how will prices be effected. Inventory finally leveled off after a steep 4 month slide that as of June 1st had us behind last years’ levels by 14%. Right now we see nothing slowing us down but we know a slow down is coming. We have told you since last year, prices would be higher through June and after that it was too early to tell. Here we are, prices are up and it’s still too early to tell. Based on the strength of pending home sales and the lack of inventory watch for higher prices ahead. At least for another 30 days.

Look at the chart. On February 1st, the median sales price of a single family home in, and around, Palm Beach Gardens sat at $363,700. Four months later we are all the way up to $420,000. If you own a median single family home in the Northern Palm Beaches it’s value has been moving higher by about $469 each and every day since February.

The action is good. More and more people want to come to live in this special part of Florida. New home communities are coming on line and starting prices are going to be much higher. DiVosta is quoting mid $600,00’s as “entry level” at their new community west of I-95. The last I spoke with Kolter representatives town homes in Alton will start in the mid to high $400’s with single family product considerably higher. Both communities will have homes with price tags above the million dollar threshold.

Life in paradise is good. Election heading our way. Will the overall economy keep chugging along? Will the stock market keep hitting record highs? If they do watch for higher prices heading your way for a median priced single family home in, and around, Palm Beach Gardens.

Fins up…..

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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