4th Straight Month of Solid Increases Now in the Books
If you are walking down any beach in the northern Palm Beach County region and see somebody strolling on the sand with a huge smile on their face it may just be a Realtor®. Heck it may just be me! That is because the real estate market is hot, hot, hot. Inventory levels continue to climb and buyers are loving the increased supply and writing contracts. Pending home sales have been up for two straight months and prices have been outshining every other metric.
As of March 1st, the median sales price of a single family home shot up again for the fourth straight month. The month over month increase was about 1.4% and over the past 120 days we are up right about 9%. If that pace continues we would be looking at 27% year over year increases. But do not count on numbers quite that strong. Remember it was only back in November in this same article that we were reporting 5 monthly pricing declines over the previous 6 month period.
Our northern visitors are buying homes. A brutal winter up north helps. Interest rates that continue to fall help. More selection for buyers help. Most housing reports on a national level show suggest that the market is slowing. The national reporting groups are not as nimble as Paradise Sharks Real Estate group and we often see their data lagging reality. Reality is what we report in this column on a weekly basis so stay tuned. Slowing is not an adjective to describe what is going on around here. Not now.
Real estate fever is back in south Florida and how long will the fever will remain in the salty air is to be dertermined. Always interesting, always fun.
Paradise Sharks Real Estate
Direct Line 561 308-0175