We have been telling you that the local real estate market was going on summer vacation. It happens every year about this time. And vacation it is doing with the median single family home price in Palm Beach Gardens and the surrounding communities down for the 3rd straight month. More importantly for the 1st time in five years we can tell you the median single family home in the area is worth less than it was a year ago.
As of June 1st the median single family home price in the Northern Palm Beaches sits at $418,000. Down just $1,900 over the past 30 days but a significant $12,000 reduction from where we stood one year ago. That’s a 3% year over year decrease in value.
Sales volume of single family homes was very strong in June as the month proved one again the busiest of the year for title companies. Sales volume was stronger than we had seen in over a year which is somewhat bullish. Condo prices continue to move higher and it will be interesting to see what July brings to prices in the single family home market. Paradise Sharks is betting on prices stabilizing and moving a bit higher in the days ahead even with the real estate summer vacation. A 3 month drop is long enough so watch for a little bump higher next month.
The first week of July has inventory levels down ever so slightly in the Palm Beach Gardens area with pending home sales down about 5% which is a significant move in a week. As we keep telling you, each home plays by a different set of rules so you need to fully understand the numbers surrounding any property you are thinking about buying, or selling. For instance, in Jupiter over the past week pending home sales are down 5.5% while in neighboring Tequesta pending home sales have actually moved higher.
Interest rates this morning are down again and are now at the lowest levels we have seen in well over 3 years. The green slime in the local waters is impacting real estate; we just spoke with an out of state client who is seriously rethinking their goals after reading of the algae in a New York Times article.
If you are thinking about buying or selling a home, interview at least 3 real estate brokers. Ask questions, get informed. Find out what they are going to do to help you meet your goals. Find out how much they are going to charge you. You deserve the best so ask lots of questions.
Here at Paradise Sharks we would LOVE to interview to team with you to meet your real estate goals. You can set up an interview anytime at either firstname.lastname@example.org or 561.308.0175.