Over the past month, the median condo price in the Palm Beach Gardens area dropped about 3% to $247,875 and the lowest level we have seen since back in April. Condo sales volume for the past couple months is lower than we have seen in years. Home inventory levels are moving higher in October for the first time in 8 months. Political turmoil like this country has never experienced. Slowing demand, increasing supply and interest rates that have jumped a bit over the past week. Certainly does not look like a recipe for median condo prices to start moving higher.
However, if you peel back the layers, it certainly looks like anyone shopping for a condo in the Northern Palm Beaches may want to hurry if they are looking to secure a great deal.
There are a number of reasons to believe that median condo prices will start moving higher. One big factor is the new Federal Housing Administration condo financing rules that became effective last week. Buyers have far more availability for financing on many condos where 3.5% down payment loans is now available. The reality is, condo buyers have better financing options now than they have had in about a decade.
We are also seeing an unexpected increase in pending home sales so far in October. Last year during the month they fell 16%. Increasing sales this time of year is not unprecedented, but again not something we would expect.
Historical data tells us seasonal factors almost always have condo sales picking up dramatically starting about January 15th. If the economy stays strong there is no reason to believe 2020 will be any different. No doubt the political divide we are experiencing in America is not healthy and there still are many questions about what the future holds.
For now, the top end of the Palm Beach Gardens real estate market has never been stronger. Keep informed, seek education and don’t let anybody sell you anything. Paradise Sharks has decades of experience, customer service that will make you smile, and value that those big box brokerages can only dream about. Full service listing commissions as low as 4%, buyer rebates on every purchase and if we ever do not do exactly what we say we insist you fire us. We have never been fired.
To schedule a complimentary consultation with Paradise Sharks feel free to contact us anytime at tom@paradisesharks.com of 561.308.0175. We would be honored to earn your trust and your business.
Fins up……
#palmbeachgardenscondoprices
However, if you peel back the layers, it certainly looks like anyone shopping for a condo in the Northern Palm Beaches may want to hurry if they are looking to secure a great deal.
There are a number of reasons to believe that median condo prices will start moving higher. One big factor is the new Federal Housing Administration condo financing rules that became effective last week. Buyers have far more availability for financing on many condos where 3.5% down payment loans is now available. The reality is, condo buyers have better financing options now than they have had in about a decade.
We are also seeing an unexpected increase in pending home sales so far in October. Last year during the month they fell 16%. Increasing sales this time of year is not unprecedented, but again not something we would expect.
Historical data tells us seasonal factors almost always have condo sales picking up dramatically starting about January 15th. If the economy stays strong there is no reason to believe 2020 will be any different. No doubt the political divide we are experiencing in America is not healthy and there still are many questions about what the future holds.
For now, the top end of the Palm Beach Gardens real estate market has never been stronger. Keep informed, seek education and don’t let anybody sell you anything. Paradise Sharks has decades of experience, customer service that will make you smile, and value that those big box brokerages can only dream about. Full service listing commissions as low as 4%, buyer rebates on every purchase and if we ever do not do exactly what we say we insist you fire us. We have never been fired.
To schedule a complimentary consultation with Paradise Sharks feel free to contact us anytime at tom@paradisesharks.com of 561.308.0175. We would be honored to earn your trust and your business.
Fins up……
#palmbeachgardenscondoprices
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