Market Update for Palm Beach County
Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in Palm Beach County. The reports compare year-over-year data for September. Here are statistics on single family homes.
“Year over year numbers are skewed by the effects of Hurricane Irma in 2017 and that may continue for the next few months. We see moderate gains in median and average sale prices, and the absorption rate remains at 4.6 months’ of inventory. There are no signs of slowing at this point as inventory levels remain low,” said Jeffrey Levine, 2019 Incoming President of the Realtors® of the Palm Beaches and Greater Fort Lauderdale.
The median home price was $345,000, up 6.2% from this time last year. Meanwhile, the average home price was $480,937, an 11.9% increase.
“The fact that we are in an increasing interest rate environment has not shown any downward pressure in prices as of yet, though we have to remain cautious of a possible slowdown in price appreciation. The results of November’s general elections, specifically on Amendment 1 and 2, will play a role on how much increasing interest rates will affect prices due to the possible changes in property taxes and economic growth.”
In 2008, voters passed a constitutional amendment that limited how much non-homestead property taxes could increase from year to year. In 2019, that yearly cap is set to expire. If Amendment 2 passes, it will make that cap permanent and will protect renters, businesses, and other property owners.
The Realtors® of the Palm Beaches and Greater Fort Lauderdale is the 3rd largest local real estate association in the country. As one unified voice, RAPB + GFLR represents 30,000 Realtors®, 33,000 MLS subscribers, and 5 regional boards across South Florida and the Treasure Coast. For more information, contact email@example.com.