Real estate is our passion. Our goal for every client is to help them understand the complexities of real estate markets, not only by providing experienced guidance in purchasing or selling homes, but also by helping to realize that their home should be both a place to enjoy life and a wise investment.
While Palm Beach County experienced a slowing and shifting market this past Summer and Fall, we are now on an upward trajectory that should continue through the entire season. In addition to second home buyers, we are also witnessing a greater number of financial and tech companies relocating to the area, with many more young people moving to Palm Beach County for good jobs. New communities, both single family and condominiums, are providing much needed real estate options. In the resale market, inventory has also risen dramatically, giving the consumer a better selection of homes from which to choose. The biggest issue for buyers is still high interest rates, which affects affordability for many. However, I do see buyers who can afford the rates getting into the market, knowing that, at some point, they will refinance.
The high-end market here in Palm Beach Gardens (zip code 33418), where many deals are all cash and not necessarily reliant upon mortgage rates, is booming. The first graph below shows total market statistics (see fig. 1 below) for the zip code. The second shows only the higher-end market over $3,000,000 (see fig. 2 below). In the over $3,000,000 price range, closed sales increased 133.3% and the median sales price was up 9.7%. Some of the median price increase in higher-end homes may be due to buyers choosing already renovated homes over those needing renovation. Nonetheless, the higher-end market here has clearly not slowed.
If you are interested in seeing the market statistics for any area of Palm Beach County, just email, call or text. As we enter the busiest time of our season, we expect many more sales and a stabilization of rising prices. Of course, we're always available to talk about our favorite subject.
Fig.1: The following graph show the overall market fell YOY for the Summer and Fall in Palm Beach Gardens, but is rising again now that we are "in season."
Fig. 2: Isolating just luxury properties over $3M shows they continuously outpaced sales from the previous YTD, and is extremely strong with closed sales in January ending at 133% above January 2024.