The real estate market in Palm Beach County continues on a remarkable recovery as shown through surging pending sales and a significant increase in market activity – especially in the northern part of the county. Median prices have increased year-over-year in both June and July 2020 as home sales continue trending upward despite the global situation.
Another indicator of a strong market is pending sales which are also up double digits year-over-year. Paying attention to this specific trend is a good indicator of how closings will be in another month or so. Pending sales for single family homes increased 31% and condos increased more than 14%.
Mortgage applications on the rise are also another strong indicator of the maturing market. The Mortgage Bankers Association (MBA) reported that mortgage applications were rising by 5.1% week over week as of late July. A combination of historically low rates and an increase in northerners looking for home sin Florida have contributed to this trend.
This trend has been consistently growing for the last few months and mortgage rates are at a historic low. In many cases it appears this could be a win/win for both buyers and sellers. If you want to discuss what your options are for entering the real estate market right now, let’s connect! I have access to the most advanced technology and resources that will help analyze all avenues of your specific situation. I look forward to helping you and your referrals!