Palm Beach County properties continues to win the nods of buyers seeking luxurious family homes or ideal vacation homes. However, with a rise in house prices, palm beach realtors are experiencing a stagnance in the selling market. Houses for sale in Palm Beach are favored for their eclectic infrastructure and being nested amongst an abundance of natural beauty. Buyers also cannot shy away from its upscale lifestyle and very active social scene; the chance to rub shoulders with prominent names such as Bill Gates and basketball star Michael Jordan.
The average price of single-family homes sold by realtors in December 2017 was $341,500, an 8 percent increase from the previous year but a decrease from early June 2017 which was $345,000. Anything short of a 6 month supply of houses for sale is considered a seller’s market and realtors recorded a 4.8 month supply.
Florida Realtors President Christine Hansen states, “For sellers that’s good news. However, rising prices and tight inventory are putting pressure on first-time home buyers and those who maybe looking for their next move-up home”
In December 2017, Palm Beach County Real Estate has been transitioning more towards higher priced homes, hence, houses priced at $250,000 and under took a plunge. On the other hand, houses priced at $400,000 and up increased in amount by double digits. This can be equated to the rise in house prices.
Foreclosure homes and ones in less than desirable conditions are slowly fading from the market, concluding that entry-level homes are at a minimum. The volume of sales for mansions sold in Palm Beach County has exceeded a whopping 16 percent over the past year.
The townhouse and condo market in Palm Beach County has since been silent with a median price of $166,000 in December 2017. Fall of this year was unusually slow due to hurricane Irma, but luckily most damage was done to landscaping.
As of March 2018, the average value of a home in Palm Beach County is $225,337. The values have gone up at least 12% since last year and predictions are that they will rise about 5% by next year 2019. In terms of square footage, the median price is $200, lower than Miami Fort Lauderdale’s average of $218. Homes listed in Palm Beach are currently listed at $299,000, higher than the average sold which is $217,700. In regards to foreclosure, the mortgage delinquency rate is 2.1 % in Palm Beach 5% higher than the national value.
According to quick estimating apps such as Zillow, home prices in Florida average $216,000, 7.3% up from last year. They’re expected to rise more slowly in this year 2018 at 2.5%. By the end of 2018, the average home price should reflect a total of $221,000. This is enticing to persons from places like Boston and New York, even Toronto Canada whose home values in comparison to what they get is somewhat off-balanced.
For most of its modern existence, Palm Beach County has been growing in population. Fueled by new developments that attract families and seniors from all across the country and by extension the world, as more International buyers are making investments in the real estate market. With an influx of buyers, property values have been on a consistent rise in some areas of the County. Now being a sellers market, they are experiencing the positive seasonal swing in terms of transaction volume, which is at its peak at the end of the winter and spring months and cools by the end of summer and fall.
Due to the slow fall season, this year’s peak of sales is predicted to be a bit late in Palm Beach County property; hence, the sales volume will rise more into the winter months and likely continue into spring of next year. When sales pick up momentum, owners who have been delaying listing their property will start to find more confidence to eventually sell.
Palm Beach County currently has a population of 1.44 million people with the average age bracket being 44-65. Majority of the population are high school graduates and above which in turn keeps the unemployment rate at minimum. The average household income in Palm Beach County is $46,672 which is about 16% less than the average household income in the entire US; this can be directly related to the high foreclosure rate. It’s major industries are tourism and technology, hence ranking them at number 36 on the Forbes “Best places for businesses and careers”.
All in all, Palm Beach County Florida, is popularly known for being one of the best places in America to reside or have a second home. Limitless beaches, lakes and waterfronts make Palm Beach County an abundant natural beauty. Homes range from rural equestrian ranches to luxurious suburban gated communities as well as coastal condominiums and homes. If you are interested in warm sunny weather, fresh air and access to water, Palm Beach County is the place for you.
Palm Beach County property is a hot commodity in Florida! Home is where the beach is, and with the high demand for real estate properties on the rise, you should consult the experts at NextHome Real Estate Executives for your next real estate transaction. Buying a home is one of the most significant investments you’ll ever make. That’s why it’s essential to have a team of west Palm Beach real estate agents with decades of award-winning experience. Our goal at NextHome Real Estate Executives is to guide you through the buying and selling process so that you are confident and comfortable during the entire transaction.
NextHome Real Estate Executives is not your traditional real estate company. We are consumer-centric, we have a dedication to think outside of the box and we strive to find innovative solutions for our customers.
There are many homes for sale in West Palm Beach, FL; and in Palm Beach County, Martin County and Broward County awaiting anxious buyers like you. Please don’t hesitate to call us to assist in selling your home or buying a new one. We are progressive and compelled to do the best job possible.
NextHome Real Estate Executives is not just cutting edge; we are reinventing modern-day real estate.
We look forward to your business!
NextHome Real Estate Executives
801 South Olive Avenue
Unit 118 West Palm Beach, Florida 33401
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(800) 216-6714
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West Palm Beach May 10, 2018