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Palm Beach County Real Estate in Upwards Trend

There are some positive signs that the shaky housing market has hit its rock bottom.  For the second month in a row, Palm Beach County home prices have inched up in month-over-month increases.

The Florida Association of Realtors reported that the median single-family home price increased from $343,200 in January to $344,600 in February.  It’s a slight increase, but definitely a move in the right direction.

Home prices are still 8 percent below last year’s figures and total sales are still down 28 percent, but John Mike, chairman of the Realtors Association of the Palm Beaches told the Palm Beach Post, “We’re no longer in a free-fall.” He also states that the market is in a period of stabilization.

Experts anticipate that we will see an increase in sales over the next 90 days due to the Fed lowering interest rates.  Some analyst caution that it’s important to keep an eye on housing inventory and keep in mind there is still a lack of affordable homes in certain areas.

Palm Beach County now has a median condo price of $159,300, which is up from the beginning of the year, but still down 24 percent from the same period last year.  It presents a fantastic opportunity for real estate in Boca Raton, Delray Beach, Highland Beach and other surrounding areas.

Scott Wingfield, chairman of the Realtors Association of St. Lucie told the Post that anybody who buys today will do very well, especially if they plan to keep their homes five years or more.  “This is where a lot of money is made in real estate.  You never know where the bottom is until after it occurs,” Scott says.

Low mortgage rates, falling prices and property tax cuts have made owning your dream home a reality.  Contact Caesar and Eileen Parisi with Lang Realty.  We can help you find the perfect new home or condominium in the beautiful Palm Beach area.

Posted by: Mit Tressler

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