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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.
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.
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.
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.
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.
Bay Hill Estates has had a bumper month of Real Estate activity!
Bay Hill Estates is a peaceful gated community of only 240 Mediterranean style family homes located on 1 acre lots with lake or golf course views, located in West Palm Beach, Florida. Properties on the estate were built between 1984 and 2016 and offer the utmost in privacy and space, with most homes consisting of 4 or 5 bedrooms, 2 to 7 bathrooms, and between 3000 and 6000 square feet of living space under air. These West Palm Beach Homes also enjoy vaulted ceilings, split bedroom floorplans, walk in closets, granite countertops, ceramic tile and marble floors, swimming pools, hurricane shutters, patios, garages, central vacuum, and laundry room. This tropical haven also boasts lake or golf course views from the properties, where you can relax in the peaceful surroundings of your own home.
In December, there was 1 NEW Listing come onto the market.
At the time of writing, there are 3 homes currently ACTIVE – take a look at those listings here.
6 homes SOLD throughout December 2021!
Take a deeper look at Bay Hill Estates 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!
WILL DEAN is the Bay Hill Estates Community Specialist for Echo Fine Properties and he really knows these communities like the back of his hand. If you want a Realtor that will always go above and beyond while giving 150%, Will is the one for you. His strong passion for Real Estate coupled with his love of finding the perfect home for his clients often has him in the office from sunrise until well after sunset. “It’ll be 8:30PM on a Friday night and I’m in the office. No one will work harder for you than Will Dean.”
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