With over a million people and 2,386 square miles, Palm Beach County homes can easily be called a hot commodity. The trends in 2016 were a bit more reasonable than previous years, or even months, but that wasn’t an indication of value. Having a home on the beach is everyone’s dream. But, should you buy a home now? What will the market be? Looking at statistics in the area you’re researching is very beneficial. Palm Beach County homes tend to have some good indicators as far as trends and statistics go. Using that information as a tool, you can get an idea of where the market will lean and decide from there!
Statistics for Palm Beach County Homes
The median list price was three hundred and nineteen thousand dollars, but the median sales price was two hundred and thirty-two thousand dollars. At over eighty-five thousand dollars in savings, this was the year of deals! The average list price was up three percent, but the average sale price was down one percent. Foreclosure prices were down eleven percent, at a little over one hundred and sixty-eight thousand dollars. January of 2017 saw twenty-two percent fewer home sales than the previous month and seventy-three percent than a year earlier. All of these deals and the percentage of vacant homes was still only a bit higher than twenty percent. Perhaps this is attributed to the average income, which is around fifty-three thousand dollar a year and an unemployment rate of four point seven percent.
Trends in Palm Beach County Homes
Condominiums are a consistent trend in Florida, and Palm Beach County is no different. With so many still being built, it’s no wonder they are a large market that has become more than a trend. It’s almost become a staple. Tighter lending practices have caused some backs to leave lenders. However, the market is so high that it doesn’t take long to replace them. Higher mortgage rates are predicted for this year, as a result of last year’s economy. And with a small trend of renters, it seems that rental rates will start moderating and are less likely to rise after that. With housing sales averaging almost two hundred thousand dollars more than the average condominium, it seems like a happy medium between owning a home and renting a condo.
Predictions for Palm Beach County Homes
Boca Raton is predicted to be a hot market, with a few developments opening soon and attracting high earning professionals. Last year saw an increase in the total taxable value of eight point forty-one percent and that is a continuation of a consecutive five-year rise. Predictions put growth in these values for at least another couple of years. The asterisk to these forecasts is the Brexit controversy, as it will have an impact on tourism.
So, why buy Palm Beach County homes?
There are many reasons to buy in this market. With a predicted rise in value and sufficient availability, it would seem like a pretty safe bet. This would be quite useful if you are looking for something right on the beach! There are plenty of options, and both the statistics and trends lean towards it. But, ultimately it is a question of lifestyle. Perhaps a hundred schools in the county will be the swaying argument. Or it could be the easy beach access. Maybe you don’t like the idea of having a lawn to take care of and would rather have a condo. Ultimately, this is a discussion you’ll want to have with your realtor. You may decide that a home is what you want and that space just isn’t negotiable. After all, who wants to hear neighbors and stomping feet?
At the end of the day, you will want to ask questions and do some research before coming to this decision. This is a good place to start. Talk to someone and ask questions. Take a look at properties and see what you like and don’t like. Get an idea of what you can afford and what you can get for it. The best way to understand if this is the decision for you is to ask questions. And the best way to get answers is from a professional in the industry who has experience with these facets. Once you have answers to your questions, you can start making decisions. And they can point you in the right direction! You’ll be in a Palm Beach County home before you know it and with an easier transition than expected!
You may also want to view more about the statistics, to get a better look at how the market has fluctuated in the past. This will help you understand where it has been and, hopefully, where it will steer. The Florida Housing Data Clearinghouse has quite a bit of information, some of it going back into the nineties! Here is a page that can give you information on average sales and rentals.