Overall, pending home sales in the Northern Palm Beaches have been picking up steam as we expect to see this time of year. Poor inventory means buyers have little to choose from and the buying is pushing prices higher. As of March 15th, the median condo price has jumped another 2.4% over the past month to $230,000, which is the highest number we have seen since 2007.
Where things run from here depend on market buying activity over the next 45 days or so. There is no way we get even close to the all time highs of $280,000 that we last hit back in 2006. More volatility in the stock market this week but still not many options for places for investors to put their cash. The right property can be as safe an investment as any in these times and if stocks fall out of favor anything can happen.
One thing about the markets, they are always moving and never easy to understand. When dipping your toes in the real estate waters make sure you ask a lot of questions and make informed decisions. Timing is everything and mistakes can be very expensive.
Enjoy the weekend ahead…….