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                5 JAN

                State of the Real Estate Market for 2022 – BallenIsles

                10 Reasons why the Northern Palm Beach Market Could go Way Up.

                 

                Check out all Current South Florida Market Statistics Here! Find Days on Market, Closed Sales, Active Inventory, Median Sales Price, Mortgage Rates, and more for Palm Beach, Martin, St. Lucie, Broward, Indian River, and Miami-Dade!

                This time of the year we get a lot of people asking, “What do you see for the real estate market in 2022?” The answer is UP!  Here are 10 reasons why.

                 

                10. The Wild Southeast is Settled

                From 1980-2020 the population in Palm Beach County according to the US Census rose from 576,578 to 1,492,191.   It basically tripled.  Jupiter increased 7-fold from 9,868 to 61,047.  Everyone who came was a pioneer and while there was peace and quiet, they sacrificed lots in culture, restaurants, shopping, and for those that worked here, job opportunities. Most of the area today east of I95/Turnpike is now settled.  There is no land left. Alton and Artistry are the only big parcels left to finish building.  There hasn’t been a country club start since 2006 and Jupiter Country Club finished off its last new construction in 2019. There will be more available west of the I95/Turnpike, Martin County, and small pocket developments. However, the Wild Southeast Settlement is over.

                 

                9. Baby Boomers

                Boomers Range from 57-75. There still is plenty of supply of Boomers to come down.  As they do, they introduce more of their family and friends to the area.  As a sidenote, much of Gen X and Millennials are now purchasing earlier in South Florida.

                 

                8. Supply & Demand

                Inventory coming into season is insane. Single family home inventory stood at 1,083 in the Northern Palm Beaches as of 12-1-21.  That’s a 48.5% drop from 2101 homes a year earlier. And inventory is less than a third today of where it was at when 3444 SFH were on the market in 12-1-19. The townhouse and condo market is even crazier.  881 units today versus 2,680 units a year ago.  The medium price of a SFH in $367,500 versus $559,500 from 12-1-19 to 12-1-21.  But it goes back to the population demand and no supply of new homes. We are entering season with virtually no inventory.

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                7. Low Interest Rates

                While many of the transactions are cash, low rates are still keeping the financing portion of the demand affordable and moving.  Plus, inflation is going up at a higher rate than interest rate jumps making it even more appealing.

                 

                6. Inflation

                Inflation moved up 6.8% in November 2021.  Housing prices should naturally move up the same amount even if supply and demand equaled each other out. Meaning inflation will naturally carry some rise in prices.

                 

                 

                5. Culture

                From the Maltz Theatre to Trader Joes to Whole Foods to Starbucks on every corner.  20 years ago, the Northern Palm Beaches was missing shopping, dining, and the some of the arts.  With the great population growth, that has changed, and it makes it more comfortable for people from cities to move here.

                 

                4. Infrastructure of family and friends

                Today, most people have a relative or friend in the area versus 20-40 years ago, when they were the pioneer.  It’s easier to move if Mom and Dad or friends are already based here.  More family and friends based here equals a direct jump of more population to the region.

                 

                3. Covid

                Dreaming of South Florida has become more of a reality to most because of Covid.  The ability to work out of the house with Zoom and life surroundings have more importance has led many to making decisions that were only dreamed of years down the line. Its not just the computer programmer entrepreneur who can live where they want today.

                 

                2. Wall Street South

                Hedge fund and other financial entities are moving to South Florida.  This means more jobs. 0% taxes and the Florida sunny lifestyle are draws and younger people are wanting to take advantage of now rather than wait. Many company owners have moved here. Watch a lot of employees to follow.

                 

                1. The Canadians

                Our region is a big draw for folks from Montreal and Toronto.  That mixed with movement from South Americans moving north from Miami is another piece of demand we didn’t have last year since they missed the season.

                 

                BallenIsles Housing Market Report for December 2021

                BallenIsles has had a bumper month of Real Estate activity!

                When you think about the country clubs in Palm Beach Gardens and Jupiter, many names come to mind. Yet despite the number of clubs, one stands out: BallenIsles Golf & Country Club. Perfectly located centrally to what counts for convenience from cultural venues to shopping and entertainment for which Palm Beach Gardens real estate is known, BallenIsles is a mere 15 minutes from the Palm Beach International Airport and five minutes to the I-95 Interstate and the Florida Turnpike.

                December 2021 BallenIsles Statistics

                In December, there were 5 NEW Listings come onto the market.

                At the time of writing, there are 2 homes currently ACTIVE – take a look at those listings here.

                7 properties are UNDER CONTRACT or PENDING, and 6 homes SOLD throughout December 2021!

                Take a deeper look at BallenIsles statistics HERE. You can check out the full market trends including homes sold by price range, monthly supply of inventory, average sales price, and more!

                 

                 

                Your BallenIsles Expert Realtor

                Penny Burke

                PENNY BURKE is a Realtor who has positive energy and a love for meeting new people. Drawing upon her negotiating, communication, networking and marketing skills, she helps others achieve their dreams. “My background as a trial lawyer has fine-tuned my ability to read people. Listening is what matters most when working with clients.” Penny’s background helps her to better serve her clients. She spots potential issues quickly and analyzes every point of the sale with your best interests in mind. “I’ve worked with people going through very stressful times in their lives. They needed me both professionally and emotionally. I can handle the pressure and have made long-lasting professional relationships.”

                Posted in Uncategorized on January 5, 2022 at 6:11 pm.

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