Pricing in Palm Beach and Martin County
July 2020: Heading out of Covid-19. We're back on track with open houses! Sellers experienced a slight slowdown at the end of April and a rush at the end of June 2020. THIS IS NOT 2008. The difference: In the shift, we had a tremendous number of houses on the market. Right now, in Palm Beach County, we remain in a sellers market with barely 4 months worth of inventory in single family homes! In North County areas, we're seeing a rush to get into homes where there is little to no inventory. This is creating multiple offer situations and above asking price bidding.
Buyers in this market are wise to evaluate their need for a seller credit or concession and should be pre-approved with a LOCAL LENDER prior to looking. Buyers should be prepared to make strong offers and can incorporate strategies to top competing offers.(Ask me how!)
With the numbers listed below, remember the stats come in for the previous month so June stats should reflect strong activity in both Palm Beach and Martin Counties.
2020: HERE'S WHAT I SEE SO FAR: in Palm Beach County, we have almost 25% percent less homes on the market then the previous year. Buyers are flocking to well priced houses and if priced right, the home should sell quickly and at or very near asking price. Sellers have the ability to accept offers with seller concessions for FHA (up to 6%) and conventional (up to 3% in most cases) when the buyer is adding said concession amount to the asking price. This is a win for both seller and buyers. My pre-approved buyers are averaging about 12-15 days from contract to close.
2020 in Martin County: Martin County remains a fabulous deal due to lower property taxes. The Martin County market has been relatively calm in the arena under $500,000 and on fire above $1,000,000. This big price range which includes country club and beach/waterfront tends to skew sold numbers as we see them come through monthly. The $300,000 listing bumps into affordability issues with buyers stretching out of their price point parameters set by lenders. The number of homes on the market remains low and buyers will need to bid at or above the asking price in many cases in order to secure their dream home.
Housing October 2019:
Changes in the Palm Beach County Market: For the 3rd month in a row, the median closed price has remained at $355,000. This is important because there are some months when an extremely high or extremely low closed sale can skew the numbers. The Palm Beach County single family home market remains strong and homes priced correctly sell within 5% of the list price, at or above the listed price due to low inventory. If you see a home you think you love, you can win with a strong offer with strong terms and pre-approval from a local lender. To streamline your search, ask me about my buyer system to help you find your dream home!
Martin County Housing October 2019:
Martin County has posted a higher median for closed home sales for a few months now. The reason, the 1 million dollar plus home market has been HOT in Martin County. According to the Realtor Association of the Palm Beaches, "This was caused by the 62.5 percent increase in single family homes sold over $1 million from 13 home sales in September. "
Martin County's inventory dipped slightly from August to September reported numbers.
The 2019 Season is here!
Welcome back snowbirds!
2018 Year End Report-Palm Beach County
Martin County Year End 2018
December 2018 Market Stats:
Palm Beach County November Stats 2018
Palm Beach County 2018 October Stats
September 2018-Tropical Storm Gordon-
Simply a rain event for Palm Beach County! Sunny skies and cooler temperatures make this the best time to get ready for the upcoming season. Ask me how you should spruce up your home today!
August 2018 Market Stats Palm Beach County
July 2018 Market Stats for Palm Beach and Martin County
June 2018 Palm Beach and Martin County Stats
May 2018 Palm Beach and Martin County
Welcome to 2018!
6% is the percentage that the National Association of Realtors expects homes values to rise this year. Remember, your value is market specific. If you're considering selling this year, please ask me for your home value!
Did you know?
Mortgage experts tell me "people like the sound of a 30 year fixed mortgage. Buyers tend to overlook FHA loans." Want to know the right mortgage product for your situation? Let me know and I'll have you speak with a lender who can evaluate the best fit for you so you can get started on your new home search!
Need to sell before the end of the year?
Ask me why the time between Thanksgiving and New Year's is the best time to search!
May 2017 Homes Sales:
May numbers are in. The month's supply of inventory from May 2017 compared to a year before remain the same with 4.9 months of homes on the market.
2015 Sales update:
Here are a few interesting tidbits about the state of the housing market specifically in Palm Beach County. This information is provided by the Realtors Association of the Palm Beaches.
- 11% more homes were SOLD in 2014 than in 2013
- CASH SALES: 46% of purchases were CASH in 2014. This number is down by 6% indicating buyers may not be having to compete against investors as they have in the past few years.
- INVENTORY IS UP 7.7% TO A 5 1/2 MONTH SUPPLY
- INTERNATIONAL BUYERS could strongly affect sales this year as the dollar grows stronger.
August 2014: Palm Beach County Schools start mid month. The Palm Beach County School District is already sending all calls to parents about changes in the bus routes this year. After August 5th, go to palmbeachschools.org "My Bus Stop" icon to double check your pick up in the am and drop off in the afternoon.
July 2014: The Reality of the Market.
Buyers looking in the $250,000-$500,000 price point: be ready to act quickly,pay full price, and be flexible on your terms. Sellers are asking to rent back more often. Move in ready homes are attracting multiple offers and the properties move quickly. Can you? Ask me how I can help you get ready to make an offer on your dream home.
May 2014: Here are the latest Real Estate Stats for Palm Beach County:
Mortgage Interest Deduction-Should it stay or should it go?
The National Association of Realtors is urging homeowners to write your area lawmakers about the hot topic of your home interest deduction. Discussions are expected over the next month in Congress changes could affect your taxes and home investment today and into the future. Check back here for updates.
Short sale vs. Foreclosure property: Wondering the difference?
This was such a great question asked by Debbie that I thought I would share with everyone who visits my site.
The difference between a short sale and a foreclosure is that a bank owns a foreclosure and a short sale is a status where a homeowner is diligently attempting to negotiate with the bank after receiving an offer. Short sales make sense if you have a longer time frame to look and you're not afraid of a 30 day to 2 year wait. Bank properties generally come on the market and first priority goes to a buyer who wants to live in the property. After about a 14 day "on the market period", the bank will consider offers from investors. Here is the kicker to a bank owned, some need enough renovation that they would never be eligible properties for a buyer needing to get a mortgage. That makes some foreclosure or "bank owned" properties suitable only fort an investor/renovation type CASH buyer.
Each situation with an offer is different and I judge by last sold in the area that is similar to type, location, square footage etc. There are times when I will encourage a buyer to start lower than normal and times where I will advise a buyer to bid above asking based on what I have discovered could potentially happen during a negotiation. Many bank owned properties will go above ask price if there are multiple offers. Some that may not be priced correctly/need an excessive amount of repairs will go below the ask price. It truly depends on the individual situation as to how I would help a client determine the price to offer.
Thank you Debbie for asking for clarification!
The Honda Classic is here!
Feb. 24-March 2, 2014
Thursday, February 20,2014
7:00-10:00pm The Honda Classic Kick-Off Party at the Gardens Mall
Sunday, February 23, 2014 Bronze Pro-Am (The Champion Course)
Monday, February 24 12:30-5:30pm Miami Dolphins Pro-Am (The Champion Course)
Tuesday, February 25
All Day: PGA TOUR Professionals Practice Rounds (Champ)
8:30-3:30 Executive Women's Day
4pm Krank Golf Junior Golf Clinic (Champ Practice Range)
Wednesday, February 26 6:50am Gold Pro-Am (Champ)
Thursday, February 27 7:00am The Honda Classic-First Round begins
10:00-3:00 Play Golf Expo
Friday, February 28-Please check back... more updates to come!
The Latest Market Info:
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