With Shark Week kicking off there are so many things we are looking forward to. But no doubt doing our monthly update of the median sales price for a single family home in Palm Beach Gardens and the neighboring communities is a real pleasure. That is if you already own a home. Because if you don’t, you are not benefitting from the incredible ride we have been on since February 1st.
Back then the median priced single family home in the was $363,700. Today, we stand at $434,000. A very healthy 5 month increase of $70,300. That’s an increase of $472 a day, every day since February 1st. We have now taken out the median high prices achieved in 2007 and only have the bubble years to surpass before we reach a new all time high. A new 9 year high.
Over the past 30 days prices have moved higher by another 3.3%. Since February 1st they are up over 19%. These are historic moves. Strong moves. Incredible news. Inventory levels dropped again last month and there is very little quality selection out there in the Palm Beach Gardens area. Buyers are scrambling to get in. It is starting to feel a whole bunch like 2004. Not sure that is a good thing but it’s where we are.
Interest rates have been moving higher, the price tag on a home is heading higher so home affordability in, and around, Palm Beach Gardens is not what it was just a few months ago. With projects like Sonoma Isles and Alton coming on line prices are moving higher. You might be able to snag a new single family home in DiVosta’s new community just under $700,000 but that probably isn’t going to be possible in the new Kolter community.
We keep telling you it’s going to be an interesting summer and we keep watching for a sign that this freight train is going to slow down. So far we see nothing in the tracks to make that happen.