Those who follow Paradise Sharks know that twice each month, on the 1st and 15th, we publish a detailed look into the Northern Palm Beaches real estate market. Like clockwork. We may have had an article delayed, but never had one missed. Two weeks ago today, I was laying in Mount Sinai Medical Center in Miami Beach after undergoing a 5 hour surgery the previous day. We missed an article and for that I apologize.
The best news is my cardiologist here in Jupiter yesterday was blown away by how quickly my scars were healing. He told me I was doing exceptionally well and in much better condition than you would typically expect only 2 weeks from a major surgery. I am blessed, feeling great and ready to catch up and move forward with my mission of ensuring everyone in Palm Beach and Martin Counties have high quality real estate services available that are focused on their goals, not the real estate brokers. We strive to add value to each transaction we touch.
Season is over, sure there are a few seasonal visitors still around, but the vast majority have pulled out by now. Real estate sales start to slow down and inventory levels also tend to shrink. It’s summer in Florida, things need to slow down a bit. The local market is doing very well and we can thank those buying and selling homes with a value of $1 million dollars or more. It is an exceptionally strong segment of this market and helping to drive prices to brand new record highs.
Consider than the number of homes that sell for a million dollars or more have increased each and every single year, for the past nine years. In 2017, the number of these homes sold was the highest ever, breaking a record that had been on the books since 2005. But the mind blowing numbers are we are up 16.5% higher so far this year compared to last years record pace.
Million dollars home sales drive markets and that is why we watch them so closely. At least we do here at Paradise Sharks. When million dollars home sales are rising, so typically are prices. So far in May, the median single family home price in the Northern Palm Beaches is up another 2% and firmly above $500,000 for the first time in history. Interestingly, median condo prices are relatively flat this month after an 8.8% run higher so far this year.
Pending home sales go down every year in May. At least they are supposed to. But not this year as since May 1st they are actually up. As of this morning, they are up 1.4%. We also expect the number of homes on the market to pull back this month and they have. But not by much.
This market is tricky. The right properties are selling quickly for record prices. In other neighborhoods and communities we have some stale listings in questionable condition. Million dollar home sales have been driving this train. Being educated about what is driving the market behind each property is key to making wise decisions. Paradise Sharks loves to educate so if you have any real estate problem you need assistance solving please reach out to us. We are easy to contact at firstname.lastname@example.org or 561.308.0175. And if yours is one of those million dollar plus properties you won’t believe the money we will save you.