Palm Beach County is a bright spot in a slowing housing market.
A decade after 2008 almost all the damage done by the collapse has been erased from the Palm Beach County housing market. We’ve had continual upward growth year after year, and it seems that we are going to finish out 2018 on a high note. September closed sales are up 12.9% year over year and median closed sales home prices are up 6.2% year over year.
While we’re soaring here in sunny Palm Beach, the Southern United States has seen a closed home sales decline of 5.4% and 4.1% nationally.
While home sales prices are up 4.1% nationally, that looks like it may be changing soon due to rising interest rates. Home buyers are beginning to sit on the sidelines waiting for either rates or home prices to drop.
Either way, it looks like a buyers market is coming for the national housing market. Do the national trends start to contaminate the Palm Beach County market? Maybe. I wish I had a crystal ball.
If you are looking to cash in on the equity you’ve built up over the past decade I would strongly urge you to sell. With the stock market cratering and housing slowing nationally, betting on increasing home prices over the next few years seems like a bad bet.
If you’re ready to cash out give me a call and let’s get your house sold.