Palm Beach Summer Real Estate Update
The Florida real estate market is one of the most volatile in the country. And the Palm Beach real estate market is one of the most volatile in all of Florida. It rises and falls regularly but very regularly stays the same. That why it’s so important for both buyers and sellers to research the market conditions before making any big decisions. Use this summer real estate update to help you make the right move.
Home Prices are Rising
The summer months are when the real estate market in Palm Beach really heats up, and this year is no exception. Our summer real estate report reveals that the median price for single family homes in Palm Beach is 11% higher than it was just a year ago. In July of 2016 the median price was estimated to be $317,250, which is the second-highest total recorded since 2007. It does not quite match historic highs reached in June of 2016, but it is not far off. That is great news for anyone hoping to sell their home. You are likely to get a great price. Plus, you will not put yourself at a disadvantage if you choose to price your home ambitiously. If you are thinking of making a move, now is a great time to put the wheels in motion according to our summer real estate report.
Home Sales are Down
Data indicates that the volume of home sales dropped by 3% between June 2016 and July 2016. And it is down 15% between July 2016 and July 2015. This part of the summer real estate update might raise some red flags for sellers, but it shouldn’t. The Palm Beach market has remained robust, and the dip in sales is likely do to fatigue experienced by buyers who face stiff competition. There is no reason to expect that sales volume will not go back on the rise throughout the fall. It also means that now is a great time to be looking for and closing on a home.
Our summer real estate update reveals that Palm Beach continues to be an in-demand real estate market. If you are a buyer or seller looking for expert assistance and insights while navigating this market, call Scott Gordon Realty at 561-346-4141.