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The numbers are in and the year 2013 ended with the real estate market on fire.
Single-Family Homes, December 2013 versus December 2012
Condos/Townhomes December 2013 versus December 2012
Million dollar sales in 2013 versus 2012
So, why such an increase in prices? Here are 8 reasons why:
Year |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
Ave |
2006 |
4.0 |
3.6 |
3.4 |
3.5 |
4.2 |
4.3 |
4.1 |
3.8 |
2.1 |
1.3 |
2.0 |
2.5 |
3.2 |
2007 |
2.1 |
2.4 |
2.8 |
2.6 |
2.7 |
2.7 |
2.4 |
2.0 |
2.8 |
3.5 |
4.3 |
4.1 |
2.8 |
2008 |
4.3 |
4.0 |
4.0 |
3.9 |
4.2 |
5.0 |
5.6 |
5.4 |
4.9 |
3.7 |
1.1 |
0.1 |
3.8 |
2009 |
0.0 |
0.2 |
-0.4 |
-0.7 |
-1.3 |
-1.4 |
-2.1 |
-1.5 |
-1.3 |
-0.2 |
1.8 |
2.7 |
-0.4 |
2010 |
2.6 |
2.1 |
2.3 |
2.2 |
2.0 |
1.1 |
1.2 |
1.1 |
1.1 |
1.2 |
1.1 |
1.5 |
1.6 |
2011 |
1.6 |
2.1 |
2.7 |
3.2 |
3.6 |
3.6 |
3.6 |
3.8 |
3.9 |
3.5 |
3.4 |
3.0 |
3.2 |
2012 |
2.9 |
2.9 |
2.7 |
2.3 |
1.7 |
1.7 |
1.4 |
1.7 |
2.0 |
2.2 |
1.8 |
1.7 |
2.1 |
2013 |
1.6 |
2.0 |
1.5 |
1.1 |
1.4 |
1.8 |
2.0 |
1.5 |
1.2 |
1.0 |
1.2 |
1.5 |
1.5 |
2014 |
Very little New Construction has curbed the supply side, while we’ve had excellent growth. This is going to continue, and with very little building in the short term, prices may continue to rise. According to Palm Beach County Planning, there will be almost a 9% increase in population in Palm Beach County over the next 9 years.
CITIES |
POPULATION (Permanent Residence) |
ts) |
Additional Seasonal Population* |
Land Area# |
||||
1980 Census |
1990 Census |
2000 Census 2010 Census |
2013*** |
2020 Proj** |
||||
BOCA RATON |
49,447 |
61,492 |
74,764 |
84,392 |
86,041 |
91,679 |
10,940 |
29.04 |
JUNO BEACH |
1,142 |
2,121 |
3,262 |
3,176 |
3,191 |
3,619 |
1,352 |
2.07 |
JUPITER |
9,868 |
24,986 |
39,328 |
55,156 |
56,577 |
60,465 |
9,240 |
22.11 |
JUPITER INLET COLONY |
378 |
405 |
368 |
400 |
401 |
416 |
79 |
0.14 |
NORTH PALM BEACH |
11,344 |
11,343 |
12,064 |
12,015 |
12,184 |
12,592 |
1,997 |
3.70 |
PALM BEACH |
9,729 |
9,814 |
9,676 |
8,348 |
8,168 |
8,620 |
6,310 |
3.70 |
PALM BEACH GARDENS |
14,407 |
22,965 |
35,058 |
48,452 |
49,434 |
55,276 |
5,751 |
56.25 |
RIVIERA BEACH |
26,489 |
27,639 |
29,884 |
32,488 |
33,369 |
36,297 |
5,389 |
8.45 |
TEQUESTA |
3,685 |
4,499 |
5,273 |
5,629 |
5,649 |
6,196 |
928 |
1.80 |
WELLINGTON |
20,670 |
38,216 |
56,508 |
58,108 |
61,711 |
4,327 |
45.25 |
|
WEST PALM BEACH |
63,305 |
67,643 |
82,103 |
99,919 |
103,038 |
113,131 |
6,228 |
55.48 |
TOTAL COUNTY |
576,758 |
863,365 |
1,131,191 |
1,320,134 |
1,345,652 |
1,465,300 |
143,837 |
1,976.56 |
3. Healthier Economy.
Florida’s job rate dipped to 6.4%, this December. Yes, we have a long way to go and the recovery has been anemic at best, but the panic of 2009 is in the rear view mirror.
4. Investors
Hedge Funds and investors like Warren Buffet have bought much of the inventory on the lower end of the market. These investors are running it like a profitable business and this got rid of much of the excess supply.
5. FHA Lending
FHA lending, which requires less of a percentage down, opened up more opportunities.
6. Short-Sales Are Winding Down
Without these “must sellers”, the low prices are no longer available.
7. Short-Sellers from the Past Are Now Purchasing
People who short-sold early on are now getting their credit back and are reentering the market as purchasers.
8. Pent Up Demand
Many people wanted to move but couldn’t for financial reasons or couldn’t sell their home. The market not frozen allows them to sell and then they can make a purchase. Also, homes have aged and people want something new, or they became empty nesters, etc.
Posted in Jupiter, Palm Beach Gardens on February 7, 2014 at 9:59 am.
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Echo Fine Properties, winner of Best Brokerage of the Palm Beaches in 2020, 2021 and 2022, is located in Palm Beach Gardens, Florida. We are a family-owned local brokerage that prides itself on having the finest full time luxury real estate agents who know the area backward and forward. Each agent is hand selected to join us for their knowledge of the area including golf club communities, gated communities, equestrian and ranch estates, condominiums, and waterfront and boating estates. Echo is unique in real estate in that our company pays for all marketing, advertising, and all support which is handled in-house. WE PAY, which lets the agent concentrate on our customers. Unlike other firms, agents never have to compromise the marketing budget. Our Home ECHOnomics Guarantee offers an unheard of 57-promises. This website consists of 5 separate MLS feeds, giving 100% accuracy ranging from Miami to Fort Lauderdale to Palm Beach to Martin County.
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