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  • Palm Beaches Real Estate Update | October

    Tuesday, November 26, 2019   /   by Carl Gentile

    Palm Beaches Real Estate Update | October

    We are starting to feel the annual migration of sun seeking visitors to our little slice of paradise. Here in the Northern Palm Beaches, we see more cars on the road, more people on the beach, and tables at the best restaurants mean you better have a reservation, or be prepared to wait.


    Season has started, and while the big crowds don’t arrive until after we get through the holidays, there is no doubt that the party has already started. This years’ season should be a big one and if the economy keeps churning in a positive manner, local real estate is going to get more expensive.

    Back on June 1st, we hit an all time record high of $515,000 and over the summer we watched prices drop for 4 consecutive months. That downward streak ended in October with median single family home prices jumping from $496,250 all the way back up to $510,500.

    Sales actually were not that strong, and in October were a full 14% below year ago numbers. It isn’t demand pushing prices higher, it’s supply, with very few quality homes available in many neighborhoods and price ranges. That lack of inventory means sellers with quality homes are asking more, and if buyers want to play ball, they are finding they need to pay more.

    Location is driving prices higher in the most sought after neighborhoods, with Tequesta still leading the pack. So far this year, the median single family home price in Tequesta sits at $585,000, up an impressive 23% over last year’s numbers. Compare that to Jupiter, where the median single family home price is up a far less dramatic 3% in 2019.

    So much to keep our eyes on, with the crazy political race we have underway, interest rates that have moved higher from recent lows and inventory levels that remain 11% lower than last year. We should see inventory levels climb higher, interest rates drop lower, and sales start picking up in January. Condo sales will perk up first and so far we have not seen condo prices jump like single family homes, but those price increases are coming.

    Check out the numbers below to stay up to date on what is taking place in the Palm Beaches real estate market heading into season and the holidays.

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      palm beach county, market updates, palm beach county real estate, real estate