Found 5 blog entries tagged as Market Updates.

The Palm Beach County real estate market continues to show resilience and growth in June 2023, with single-family home new pending sales and total showing appointments in South Florida both rising year-over-year, according to recent statistics released by the MIAMI Association of Realtors and the Multiple Listing Service (MLS) system. 

In June 2023, new pending sales of single-family homes in Palm Beach County increased by 2.1%, reaching a total of 185 transactions. Simultaneously, South Florida's showing appointments saw a significant 7% year-over-year increase, from 218,973 to 233,675 appointments, marking the second consecutive month of growth in this area.

A notable trend contributing to the real estate surge in Palm Beach County is the influx…

2466 Views, 0 Comments

According to the Miami Association of Realtors and Multiple Listing Service, The Palm Beach County real estate market continued to be strong in May 2023, with single-family luxury home sales up year-over-year and inventory still near all-time lows.

Single-Family Luxury Home Sales

Single-family luxury home sales in Palm Beach County rose 3.3% year-over-year in May 2023. This was driven by a surge of homebuyers from high-tax, high-density states such as New York and California.

Inventory Still Near All-Time Lows

While inventory is rising, Palm Beach County inventory is still near all-time lows. The monthly historical average for Palm Beach inventory is 16,196 and current inventory is at 7,198. Total inventory is down 46.8% from pre-pandemic (May…

1693 Views, 0 Comments

The housing experts say the market is “normalizing.” But what does that mean for the Palm Beaches? Will home prices in Palm Beach County and rents finally come down? Will more homes go up for sale? And what does the year ahead have in store for the real estate market?

“The nation’s housing market, after a wild surge that sent home prices up over 30 percent in some cities in 2021, will be less intense next year”, according to Lawrence Yun, chief economist of the National Association of Realtors (NAR).

The NAR 2022 housing forecast anticipates the market will continue slowing down from the frenzy seen in the spring when prices shot up to new heights. However, prices will stay high, inventory will remain tight, and mortgage rates will rise. Other…

2903 Views, 0 Comments

The Southeast Florida housing market reported higher median prices, a rise in all-cash sales, and constrained inventory levels in September compared to a year ago, according to Florida Realtors' latest housing data.  Condominium sales were up but single-family home sales slipped a bit from a year ago. The housing market reported higher median prices, a rise in all-cash sales, and constrained inventory levels in September compared to a year ago, according to Florida Realtors' latest housing data.

Median prices are up, yet inventory continues to lag.

Median prices:

-        up 18.3% for single-family homes,

-        up 17.2% to $255,000 for condos,

-        single-family home sales down 1.3%,

-        condo sales up 4.9%.

“The…

1277 Views, 0 Comments

Luxury real estate in Palm Beach County saw a double-digit increase in home sales last month compared to July 2017. The number of home sales above $600,000 rose 26.6% over last year and homes in the $1 million+ price range saw a whopping 30.6% increase. It's the first time the county has seen such a spike.

New luxury construction is being developed all over the Palm Beaches which helped drive sales, as many people would rather purchase a new property opposed to possibly having to put up thousands in upgrades on older home. Reports have also shown a notable increase in people from the Northeast relocating to the area for job opportunity, higher pay, recreation and less tax. 

The month of July was also a good indicator of future closings with…

3804 Views, 0 Comments