04 Apr Palm Beach County Housing Market Still Piping Hot!
Ten-X Reports Says Palm Beach has Nation’s Hottest Market
A 2016 report by Ten-X ranked Palm Beach County near the top nationally for single detached family residences. Ten-X’s report suggests Florida and the Pacific Northwest were the top regions. Their rating was based on estimates of consistently strong demand, home price appreciation, and economic and demographic growth.
Prices last year were up 16.8% year over year, and are expected to rise further in 2017. Condo prices in Palm Beach are still low and we may see increased sales in Condos given the hot demand for detached homes which are in limited supply.
This chart below courtesy of Realty Trac reveals astonishing rises in home prices year over year in Delray Beach, Lake Worth, and Boca Raton.
It’s a tale of 2 markets at present in Palm Beach County. And while prices in some areas are eye opening lows in the eyes of many northerners (Toronto, New York, Boston, San Francisco, Chicago) supply is the big issue heading into the 2017 buying season. The number of sales has dropped and foreclosures filings have dropped precipitously.
Some viewers might counter that other report don’t include Palm Beach County in the top forecasted cities in Florida.
Yet the housing market forecast for Palm Beach 2017 2018 looks strong. The economy is growing (job growth up 2.4% according to Ten-x), housing supply is limited, new construction isn’t strong, mortgage rates remain low, online bookkeeping prices are great, immigration to Florida is strong, and the price of oil continues as moderate. It’s all good for tourism, and with President Trump’s intent to bring more, higher paying jobs back to the U.S., we could see some strong heating up in this market.
If you’re comparing Palm Beach communities as you’re looking for luxury homes for sale in Boca Raton, estates for sale in Wellington, Palm Beach waterfont homes and other areas, see the chart in the housing forecast for Palm Beach.
There’s plenty of room to grow. The average home price is $120,000 below the pre-recessionary high of $400,000.
Learn more about Palm Beach County, it’s top attractions, and the role the Intracoastal waterway plays in creating so many waterfront homes here. Wouldn’t you rather have a beautiful waterfront property on Palm Beach Island or in Boca Raton itself?
I’m Michael Goldberg, a Realtor with United Realty Group located in beautiful Wellington FL, serving the communities of Palm Beach, Wellington and Boca Raton. I help buy and sell condos and luxury homes in the area and I’d be happy to help you.
Please call or text me now.
West Palm Beach FL 33414