Biggest numbers since August set us up again for rising home prices
We have have needed some good news with a struggling real estate market here in the Northern Palm Beaches. Since early summer we told our clients' who were looking to buy we felt their best opportunity to secure a great deal was before December and the return of the snowbird. We knew this years' season was going to be big. Really big. Last winter was brutal and northerners made plans last year to return. Ask anyone looking for a seasonal rental. There is very little to be had and that has been true for months and months. New hotels have been opened. Harbourside Place is open for business. Only 12 more days before I can have a blood orange margarita at Tommy Bahama! December 1st is coming and so are higher real estate prices.
So the end of our "best buying season" is approaching and home buyers in the Northern Palm Beaches surprised us with a much stronger October than I would have bet on. As we reported yesterday, prices for the median single family home were up after three straight declines. Turns out it is easy to see why as sales were up, way up. Up 24% from the previous month. Higher than the 12 month moving average. Higher than 2013 numbers. Rock solid sales numbers with shrinking inventory finally bring us higher prices. The game board is set perfectly for prices moving higher over the season.
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