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Market Updates

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According to the most recentFlorida Association of Realtors marketing report on single family homes in Palm Beach County, sale price is up, time to contract is quick and inventory is down meaning it's a seller's market.

Palm Beach County had 1,721 closed sales in May with 94.8% of sellers receiving their original listing price. Median sales price is up 5.7% compared to this time last year and time to contract is 49 days with time to sell at around 3 months. 

These figures show the market is improving and both buyers and sellers can benefit. With lower inventory, people thinking of selling their home should consider now as a great time to list. Buyers thinking of purchasing a home may try to buy now before prices continue to go up.

View the

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A new consumer report released by the American Society of Landscape Architects tells us the latest landscaping trends of 2018 are nothing short of creative. From yoga gardens to spas to charging stations, integrating these landscaping trends can help your home sell faster.

The society asked career landscape architects to rate the popularity of several outdoor residential design components. The architects saw a noticeable increase in the use of native plants, low-maintenance landscapes, and flexible-use spaces for things like an outdoor movie night. 

Here are the backyard designs that are the most popular in 2018: 

  1. Fire pits/fireplaces
  2. Lighting
  3. Seating/dining areas
  4. Outdoor furniture
  5. Outdoor kitchens
  6. Decking (for example:
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Luxury home price appreciation is the highest it's been in the past four years, according to market reports for the first quarter of 2018. Luxury market prices are growing at a faster rate than the rest of the market which means it's a good time to list your luxury home. 

The average luxury listing price is now $1.8 million, up 7.9% from this time last year where the average price was $1.6 mil. The rest of the market also showed a 7.5% increase with the average home price at $330,000. 

A nationwide shortage of homes is driving up prices while the economy improves bringing in more buyers. This shrinking pool of available luxury homes could be an opportunity to sell your home fast and at a nice price. 

If you've been thinking about listing,

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High-end homebuilders and luxury developers came together at Bisnow's West Palm Beach multifamily event last month to discuss developments in Palm Beach County. The race for new construction is on as the area offers more waterfront space, less people/traffic than down south, and a wealth of opportunities for business. 

“Palm Beach is completely on fire,” said Todd Michael Glaser, a top-tier homebuilder who gained his fame in Miami but has recently started focusing on Palm Beach County, “I’ve never seen the amount of $8 million to $70 million-dollar homes as in the last three and a half, four months. It’s staggering.”

Aside from Palm Beach island, home to many celebs and Billionaire's Row, Palm Beach County has generally taken third place in

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According to a new ATTOM Data Solutions real estate study, May is the best month to sell your home.

ATTOM collected data on 14.7 million homes sold across the country from 2011-2017 to see which months had the highest return for sellers. May had the most premiums above market value more than any other time of the year nationwide. 

However, the best month did vary by market; most of the eastern Florida is actually better for sellers in June while Miami, known for its warm weather, sells greatest in January. 

The lucky months in St. Lucie, Martin, Palm Beach and Broward Counties are May and June, which are coming up quick. If the improving economy has had you thinking about listing your home, now is the perfect time to do it. Waterfront

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Rising rent costs are pushing millennials to purchase homes and their wants are much different than the 55+ aged buyers who are house hunting too,

Chief economist for realtor.com, Danielle Hale, says they've found a clear difference in priorities based on recent surveys. "Older buyers are concerned with privacy and being able to age comfortably," she said "while millennials place more emphasis on family needs, stability and personal expression."

A survey of more than 1,000 active buyers done last week by Toluna Research provides insight into what both millennial (18-34 year olds) and older buyers are looking for:

Older buyers are focused on privacy while millennials place family and personal needs at the top of their wants. The majority of

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John Burns, writer and CEO of John Burns Real Estate Consulting, recently published a column for ATTOM Data Solutions describing demographic shifts the U.S. will experience over the next ten years. Aging, an increase in immigrants and mass movements are some of the trends Burns and his team of researchers suggest will happen, after 9,000 hours spent studying demography in America. 

In his ATTOM column, Burns highlights findings from his book, "Big Shifts Ahead: Demographic Clarity for Business," and discusses the impact new trends will have on the housing market. Here are the important things to watch over the next decade from Burns:

  1. More people over age 65: Nearly 40% of the population will be over age 65 within the next decade- that's 66
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According to NewHomeSource.com, a new home construction search engine, buyers are looking for 10 things in their home search. Decor, efficiency and size all made the list- here are the features house hunters want:

1. An Open-Concept

Buyers are looking for high ceilings, spacious rooms and a flowing floor plan. This will most likely put them in a newer home. 

2. Smaller Houses

Oversized homes are expensive to cool and maintain. Buyers don't want to end up paying for more than they need.

3. Outdoor Living

Move-up buyers are getting serious about backyard features. Kitchens, fireplaces, and plenty of social space are high on the list of wants outdoors.

4. Neutral Decor

It's best to keep it simple when it comes to selling a

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A California-based charity organization called New Story has partnered with construction technology company, ICON, to develop a 3-D printer capable of constructing affordable houses in developing countries around the world. 

The company has already shown success in the U.S. with a 350 square-foot house in Austin, Texas, the first 3-D printed home in the country built to local code. 

The houses give a glimpse into the future of home building. New Story and ICON's printer can create an entire 600-800 square-foot home in less than 24 hours. 

New Story is going to start printing homes in El Salvador within the next 18 months that will meet International Building Code standards. It will be the first community of 3-D printed homes.

"There are

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The next big wireless movement is coming- it's called 5G for "fifth generation," and it's like the switch from 3G to 4G. It will greatly increase wireless speeds and smartphone and tablet capabilities, but there's a catch. 

The new technology doesn't rely on the giant cells and towers we've grown used to. Instead it uses something called "microcells" which use many clusters of smaller antennae that will be strung up in our neighborhoods. 

The microcells will look like small boxes or a bunch of small boxes and they'll hang on existing telephone poles, street lights and buildings. The small boxes will be accompanied by a larger power box on the ground, situated every 500 feet.

Some local governments are voicing their opposition to the idea of

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