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.
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.
Paradise Sharks Real Estate