The month of May turned out to be a fabulous month for single family home sales in the Northern Palm Beaches. Closings hit the highest levels we have seen in 23 months and the median sales price hit an all time record high of $515,000. And guess what? June is going to be even better.
You see, June is almost always the month that we see more single family home closings than any other month during the year. We have to go way back to 2011 to find a year where that was not the case. Look for higher sales volume and higher prices when we next report on single family homes a month from now.
Sales volume in May was up 11.7% from April, and even more impressive, they were 9.9% higher than year ago figures. In a real estate market that has been struggling a bit, it was the first time in 7 months that year over year numbers actually improved.
With an influx of people moving to the Northern Palm Beaches, and economic news continuing to be upbeat, local real estate continues to get more expensive. Million dollar sales are setting record after record and the lack of quality inventory has buyers reaching a bit, driving prices higher.
Pending home sales and inventory will both continue to languish over the next 6 months so keep a very close eye on economic news in the weeks ahead. The political climate is as divisive as ever, and anything can happen, but for now all looks great on the real estate front.
Paradise Sharks loves saving our clients money through lower commissions and significant closing credits to our clients. We have decades of experience and a small business culture that has kicked the middleman right out of the real estate transaction and that saves our clients thousands of dollars. No franchise fees, no broker splits, no transaction fees, just honest, hard working, money saving strategies designed to keep more money in your pocket. Always interview when doing anything real estate and ask a lot of questions. We love answering them, so if you ever need real estate advice, please feel free to contact Paradise Sharks anytime at firstname.lastname@example.org or 561.308.0175.