Northern Palm Beaches condo prices remain near 6 year highs
Last week we put the “schizophrenic” label on the local real estate market. With pending home sales hovering very near multi-year lows who knows what 2015 will bring. There are signs, but they differ dramatically by property type, location and condition. And they are constantly changing. Always changing.
It seems like one thing hasn’t changed, at least it hasn’t for the last 3 months. Condo prices in the Northern Palm Beaches. As of December 15th, they did not move again. If prices are going to stay in a rut it is nice that the rut is very near the highest prices we have seen since 2008. In fact, over the past 7 months local condo prices have not moved much with the largest monthly variation being $2,500. Today, we sit at the very same median sales price we sat at on June 15th.
The condo market has performed much better than the single family home market, especially over the 2nd half of the year. Consider that median condo prices are unchanged since June 15th. During that time the median single family home price in the area has moved from $400,000 to $370,000. Down a rather significant 7.5% over the same period that condo prices have not moved and instead stubbornly hold close to multi year highs. Schizophrenic indeed.
One thing is for sure, 2015 is going to be another interesting year when it comes to south Florida real estate. We still are counting on our northern visitors to bring strength to the market through the first part of the year. But nothing is for sure. Condo prices are holding steady and we are waiting to see if the next move is going to be up.....or down.
We do know that things will be quiet until the new year kicks off. It certainly looks like we will be starting if off with the absolute worst pending homes sales report we have brought you in years. Some say that when you are at the bottom things can only get better. We will see in the coming weeks.
Paradise Sharks Real Estate