It seems like throughout the entire year of 2018 many people have been skeptical of what was in store for the real estate market in Palm Beach County. However, the latest reports show that not only did the total home sales in Palm Beach County increase by over 17 percent this past year, both median prices and dollar volume also rose across all property types.
With a whopping 19 percent increase, existing condo sales fueled the overall home sales increase as expected. The entry-level market of condos – those priced from $50,000 to $250,000 – comprised the bulk of all condo sales. With close to 12,000 transaction in the first 10 months of 2018, the condo market is expected to remain strong through the holidays.
Palm Beach single-family home sales increased almost 16 percent with the majority of the sales happening in the $250,000 to $1 million, while the Palm Beach single-family luxury bracket ($1 million and above) posted at 61 percent year-over-year growth.
Out of all the properties sold, less than 3 percent were distressed sales which is a great improvement and indicator of the industry’s healthy current report. The median single-family home price increased 6.8 percent to $347,250 while condos rose 9.5 percent to $185,00.
So have no fear! The real estate market in Palm Beach County continues to thrive! If you or a loved one are interested in learning more about real estate opportunities here or in any other areas, please give me a call. I’m happy to go through everything with you and help formulate a plan to start your next real estate journey.