Thankfully the cost of borrowing money is sitting near all time record lows as the median purchase prices of condominiums and single family homes continues to climb here in the Northern Palm Beaches.
Over the past 30 days the median price of a condo in the Palm Beach Gardens area is up for the 6th time in 7 months. During that span the median condo price is up over 13%. Sales continue to lag 2015 numbers and this month was no different with condo sales about 16% below last years. Even with these recent price increases the median condo price in the Palm Beach Gardens area is still about 22% below the record highs last seen 10 years ago.
Still waiting to see how long it takes before the recently approved FHA financing on condos will become a reality. If other market forces remain constant this financing should provide a solid boost for condo prices especially in the lower price ranges. First time buyers, seniors looking for a reverse mortgage, condo owners looking to refinance; there are many who will benefit from these new relaxed mortgage opportunities.
Paradise Sharks next pricing update will deal with what is happening with single family prices and look for last months strong numbers to continue. If we can ever be of help answering any of your real estate questions please feel free to contact us anytime at 561.308.0175 or firstname.lastname@example.org. We LOVE to help!