The Southend "SoSo" housing market is on fire.
If you’ve been following real estate over the past year you know that housing prices have been on the rise. But how much have they risen? In Palm Beach County home prices have gained an impressive 11.27% but the Southend neighborhood in West Palm Beach completely blew the county numbers out of the water. Southend posted a huge 19.30% rise in sold home prices from 2017 to 2018.
The average listing price went from 894K in 2017 to over 1,067MM in 2018 and final sale prices went from 824K in 2017 to 983K in 2018.
The difference between listing price and selling price has remained consistent at 93% of asking price in both 2017 and 2018. The days on market have also remained stable at 102 days in both years as well as a fairly stable volume of sales 62 in 2017 and 58 in 2018.
While we’re all happy about the rise in prices, where is it going next? With rising interest rates and the national real estate market cooling the chances of this meteoric rise continuing are unlikely. If I were a betting man I wouldn’t put all my chips on continued 20% annual returns.
If you’re thinking of cashing in on all the equity you’ve built over the past decade shoot me a message. I’m right on Colonial and Olive. I’ll be right over.
-Nicholas LaSorsa, P.A. Realtor
LASORSA GROUP ILLUSTRATED PROPERTIES
1810 South Dixie Highway
West Palm Beach, FL, 33401