Actual condo closings in the Northern Palm Beaches were up for the 2nd straight month and were slightly ahead of last year’s figures. While prices were up to the highest we have seen in 13 years, the all time record of $280,000 is still 12% higher than anything we have seen since 2006.
This year, local condo prices are up 8.7% on sales volume that is slightly ahead of year ago numbers. Compare that to the single family home market where prices are up 7.4% on sales that have been almost 10% below what we enjoyed last year. With affordability a key issue for the Palm Beach Gardens real estate market, buyers are settling for condos when single family home prices are sitting at all time record highs.
Finding a quality home, updated, and in good condition with a price in line with the current market, remains a struggle for most buyers. Many are reaching a bit higher with their purchase price, or accepting condition issues they would rather not have to deal with. Finding the right home remains an exercise of frustration for many buyers in the Palm Beach Gardens area. That frustration and the subsequent "reaching" are helping to fuel recent price increases.
Having a game plan where new opportunities hit your radar screen immediately, is the key to success in today’s market. Watch for another solid month of condo sales with pricing pressure to the upside and if you have any questions that Paradise Sharkscan help you with please feel free to contact us at firstname.lastname@example.org 561.308.0175. Our boutique brokerage has kicked the middleman out of the real estate transaction and that means, not only saving you a lot of money, but also a level of customer service we are extremely proud of.