Palm Beach County Housing Marketing #1 in Country
Not just the temperatures are scorching this July in Palm Beach County Housing Market – the housing market has just jumped to the No. 1 spot on the top 10 list by online real estate analyst Ten-X.
According to the website, “Seasonally adjusted home prices are up 16.8 percent year-over-year, the highest pace in the country, while quarterly gains have exceeded 3 percent in each of the past seven quarters. Prices are at a cyclical high after eclipsing $260,000 this quarter but still 14 percent below their pre-recession peak, suggesting additional room to run.”
Jupiter Realtor Kevin Kent agreed sales are hot and prices are soaring. He showed WPBF 25 News an ocean-side townhouse he just put under contract, that he says he would have struggled to sell at $250,000 five years ago.
“This month, I had been marketing it at about $350,000 and we went under contract very close to that number in a number of days,” Kent said.
Realtors said the price increase is across the county; Palm Beach County jumping from No.4 on Ten-X’s top ten list to No. 1 just since the spring.
“Right now consumer confidence levels are very high; the market keeps making new peaks, unemployment numbers are way down, people are confident about the housing market,” Kent said.
He pointed out inventory remains low, too, boosting prices, and for buyers, its not all bad – interest rates remain low as well.
According to Ten-X’s analysis:
“Employment is also at an all-time high, with jobs up 2.4 percent from a year ago thanks to strong performances in key sectors like financial services, education, healthcare, and leisure & hospitality. As rents continue to rise for local apartments amid accelerating population growth (1.7 percent in 2015), the affordability of single-family homes should continue to fuel demand and the local housing market will continue to prosper.”