We knew this season was going to be big. We kept telling you it was going to be big but until 15 days ago we couldn’t show you anything in the local real estate market that proved the point. Since then, Palm Beach Gardens pending home sales have made such amazing, historic, meteoric gains it is truly something we have never seen. As of February 15th, they had made a 40% jump in just one month. Over the past 15 days they have jumped another 7.5% and now sit at the highest levels we have seen in over 21 months.
It turns out that the funk the real estate market was in had everything to do with demand. Inventory has not increased measurably since our winter visitors arrived but look at sales soar. Snowbirds are tired of winter. They are tired of snowfall and cold weather. They see median prices of single family homes that are still a full 22% below the market highs we reached in 2015 and 2016. They see how demand for anything in the Palm Beach Gardens/Jupiter corridor picking up and they don’t want to miss out.
So they are buying. And Palm Beach Gardens pending home sales, and those in the neighboring communities, are jumping right off the charts. Setting new records. Up 7.5% in just 2 weeks. Up 32% over the past 30 days. Up 51% since January 15th. This season is big. Really, really big. We told you it was going to be.
Prices have not yet moved. But they will. Our latest report on the median single family home price in Palm Beach Gardens and the surrounding communities showed another decline to the lowest values we have seen since March of last year. The lowest prices we have seen in 11 months. But that is going to change, just wait and see. Prices are going higher and we expect that to stay true through at least April or May.
Home inventory levels dropped as of March 1st in the Northern Palm Beaches. Down slightly to 2,033 units from last months level of 2,056. We expect more inventory to hit the market this time of year but potential home buyers aren’t sure where they will go. Some significant new communities will be coming online but not soon enough. And prices are going to be higher. The waters out there in the real estate market are always changing. The wave we are seeing in buying over the past 45 days is like a tsunami. Will it continue without additional inventory? If it does watch for big increases in prices coming your way. Always interesting, always fun.
Paradise Sharks Real Estate