Fifth straight month of solid pricing increases
The price increases we have been seeing for the median sales price of single family homes in the northern Palm Beach County region over the past 5 months have been amazing. In fact, they have been record setting amazing. In that short period the price of a median single family home has increased from $335,0000 up to $379,000 for a gain of over 13%.
If you annualized the gains we have seen over this period you arrive at a 12 month increase of 31% which is higher than we have ever experienced in any one year in this region. In the 30 days since we last brought you this monthly column prices have moved from $364,000 to $379,000. A $15,000 gain in a month are you kidding me? The last time we saw median prices higher than we are seeing today was way back in 2007. But can we keep up at this torrid pace?
The key is really going to be future demand and sales volume. While we have seen these picking up lately, over all these metrics have been lackluster for quite a while. We have finally seen pending home sales improve over the past three months and we need those numbers to continue and gather steam if the market strength we have seen over the past few months is to continue. But for now enjoy the ride as we are seeing prices rise at historic levels. Always interesting, always fun.
Paradise Sharks Real Estate