April 2014: Reduced inventory continues to hamper buyer's efforts, while sellers' have regained confidence in the market value of their homes & have returned with a willingness to wait for the right price. With Blackstone Group having purchased over 1,000 in Palm Beach county, inventory, especially under $250,000, is often put under contract within the first 10 days on the market, especially when those properties reflect a listing price close to market value. The good news for buyers is rates remain low making the home ownership affordability index quite reasonable by historical standards.
February 2014: The market is stabilizing with increased buyer confidence and a more "normalized" market than we have seen in several years. Buyers & sellers seem to be meeting minds with stable price appreciation and a continued low cost of home ownership via interest rates in the 4.5% range.
December 2013: The median sales price continues to see gains in Palm Beach County for single family homes, condos, and townhouses. The median sale price for single family homes saw an increase of two percent from $245,000 to $250,000. The year-over-year gains are far more impressive. Palm Beach County’s single family homes saw a 13.7 percent increase in median sales price. Year-over-year, the increase for condos and townhouses were far more substantial at 32.2 percent. ...Investors have helped bring inventory levels down and housing prices are appreciating. It’s a simple supply and demand relationship. Even though the housing market has seen a slight uptick in inventory levels since last quarter, now is the right time to put your house on the market before inventory levels rebound...
August 2013: Mortgage rates have increased to 4.37% and with inventory at a multi-year low, buyers are learning what a sellers market feels like for the first time in many years. Builders have ramped up new construction starts and asking prices have increased with the market, approximately 1% per month over the last 12-15 months.
June 2013: Investors continue to scour the market for properties with potential appreciation & short term cash flow. First time buyers are still encouraged by low mortgage rates, now hovering around 4%. Sellers who have been waiting for the market to turn are now listing properties due to the reduced inventory and increasing prices and price per squre foot. Call us today at JW Florida Real Estate Services to further discuss your home, community or market of interest.
April 2013: Buyer's confidence is at a multi-year high, with reduced inventory & lessened shadow inventory, offers are being made closer & closer to list price as buyers compete for the homes & condos that are priced correctly and offer the best value in this rising Palm Beach county market. According to Lawrence Yun, chief economist for the National Association of Realtors, job growth and pent up demand are driving home sales with the only headwinds coming from tough credit conditions in the mortgage markets & limited inventory.
February 2013: Prices are up! According to the National Association of Realtors & CoreLogic: "Home prices increased by the most in 6.5 years in December (2012), spurred by the low supply of available inventory and rising demand. Home prices rose 8.3% in December (2012) compared with the previous year, according to CoreLogic, a real estate data provider. That is the biggest annual gain since May 2006."
December 2012: The market has turned! We are on the way back up as it seems more and more clear that Palm Beach county bottomed in 2011 and has seen gains in 2012. Despite the possible "fiscal cliff" looming, real estate remains a safe haven for investment and protection of personal assets. Buyers continue to be selective, but those with specific criteria and patience are still finding fantastic deals. For sellers, the worst is certainly over and a return to normality is already present. If you have any questions regarding Palm Beach County real estate, I would encourage you to call me at 561-374-3899. - Jesse
October 2012: Palm Beach County real estate is up! Few markets in the country are poised for the type of return in values that Palm Beach residents & homeowners can look forward to and are already enjoying. Nationally, we are seeing year over year price increases and lower inventory levels. Here in Palm Beach County, that could not be truer with many markets showing price increases & and an increased number of transactions at the community level. Nearly all of the communities & submarkets that we specialize in have seen nice rebounds off the bottom with 3-7%+ appreciation forecasted for the next several years to come. Investors are buying properties as they hit the market and first time home buyers are seeing how the market has already turned, especially for the most desirable homes and condos in the best communities. New home prices jumped on average of 11% to $256k at the national level. JW Florida Real Estate Services represents sellers, buyers & investors in the purchase & sale of residential homes & condos, commercial property and income producing real estate. Call us today to discuss your real estate needs and we will be happy to consult with you based on your personal goals & preferences. We are truly excited for the resurgence in the South Florida real estate market and we are very optimistically anticipating a record year in 2013!
Delray Dunes: This casually elegant community offers warm & friendly neighbors, an 18-hole Pete Dye golf course, brand-new clubhouse, fitness center & tennis courts. Gated & secured, "The Dunes" is one of the best kept secrets in Boynton Beach.
Equus Boynton Beach: Equus is an equestrian oriented, estate home community with 280 homes built between 2004 and 2011. Real estate at Equus is desirable for the large floorplans, 3 car garages, recreation center & more.
Marina Village Boynton Beach: Intracoastal front living with views, amenities, and several top restaurants within walking distance - Marina Village offers a great style of living for those looking to be close to the water & the beach.
The Oaks at Boca Raton: A beautiful community with large estate homes, many with lake views. Both new & resales available in this non-equity membership community.
Royal Palm Yacht and Country Club: High end golf & waterfront living combined at RPYCC for those who don't want to choose between the golf & boating lifestyle. Homes from under $1M to over $10M.
Village Walk Wellington: A resort-style, Divosta walk community in the heart of Wellington. Award winning clubhouse with resort pool, lap pool, post office, salon, fitness center & more. VWW offers the Capri, Oakmont, Carlyle, Commodore & Admiralty floorplans.