Monday, December 23, 2019 / by Carl Gentile
Palm Beaches Real Estate Update | December
With 2019 coming to a close, we saw a lot of exciting events and market shifts take place in the Palm Beaches and Treasure Coast real estate market this year. Good schools, the 2017 Republican tax bill and a construction boom of condos and apartments propelled Boca Raton and Jupiter to the fastest growth rate among Palm Beach County since 2010, a Palm Beach Post review of recently released U.S. Census data shows. Jupiter, FL alone has seen an increase in population of over 14,000 new residents in the past few years, that is almost a 20% increase in population!
The Palm Beaches real estate market growth was impacted greatly by new construction in 2019. As new communities have sparked up across the county, their attractiveness remains very strong in the outside consumer eyes. A combination of decreasing inventory of resale homes, has shown promising sales for many new construction communities thus far.
Pending home sales are down again, for the 8th straight month of declines. Over the past 30 days, the number of homes put under contract in the Palm Beach Gardens area is down 4.3%. More importantly, looking back at year ago numbers pending home sales are down 11.2%. With numbers like these, it’s important for sales to perk up as we typically expect this time of year.
In November 2018, Jupiter saw 150 closed sales, while in 2019 we only saw 101 closed sales! That is a 33% difference! A stalemate of new inventory has caused prices to tread water and remain plateaued, with a median year to date sales price increase of 2.5%. Home buyers are desperate needs for new inventory to hit the market as inventory levels continue to decline to under 4 months of inventory across Palm Beach County. In latent terms, a typical buyer's market is a market with over 12 months of inventory! Currently Jupiter only holds 377 single family homes for sale as we come to the end of 2019.
Economic news continues to be bullish and we are blessed to live in an area with very strong demand at the top end of the market. This demand typically kicks into high gear with condo buyers about January 15th, with single family demand picking up about 30 days later. 2020 looks to be a promising year in the Palm Beaches real estate market if you are a seller as demand continues to remain high. Expect to see the release of several new developments both commercial and residential along US1 in Jupiter/Palm Beach Gardens and Tequesta through the new year.
If you are looking to take advantage of dropping inventory and a rising demand as a potential Seller in today's strong market, take the first step by using our FREE online home evaluation tool to stay up to date on the market each and every month as your home's equity rises and drops.