State of the Real Estate Market for 2022 - Ibis - Echo Fine Properties Artboard 1? alert-icon? Artboard 1? ? ? delete-icon? edit-icon? email-icon hide-hover-icon? Artboard 1? login-icon-white Artboard 1? next-icon-left next-icon-right-left next-icon-left-ochre next-icon next-icon-right-grey next-icon-right-ochre plus-with-circle-iconP search-fw-icon? search-icon-ochre search-icon-white
6 JAN

State of the Real Estate Market for 2022 – Ibis

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

 

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.

 

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.

 

Ibis Housing Market Report for December 2021

The Club at Ibis has had a bumper month of Real Estate activity!

Ibis Country Club

Ibis Golf & Country Club is the top-selling private country club community in Northern Palm Beach County. Surrounded by the Grassy Waters Nature Preserve, Ibis offers three 18-hole Jack Nicklaus designed courses: The Legend, The Heritage, and The Tradition. The 50,000 sq. ft. grand Club House is the epicentre of the social life at Ibis. Residents can enjoy wide selection of exciting social activities including movie clubs, book clubs, singing, performing, cooking, language courses, and much more! The pool-side patio caf and the Legend Grill are perfect for casual dining while the more formal Tradition Room elevates fine dining to an art. The fitness center and Ibis spa are an ideal retreat for healthy living and luxurious pampering.

December 2021 Ibis Statistics

In December, there were 10 NEW Listings come onto the market.

At the time of writing, there are 20 homes currently ACTIVE – take a look at those listings here.

19 homes SOLD throughout December 2021!

Take a deeper look at Ibis 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 Ibis Expert Realtor

Jon Hazman

Jon Hazman is one of those few people that you immediately know is the right guy for the job. Jon was in the healthcare field for over 25 years after his Grandpa Bernie got ill with kidney failure. While taking him to treatments he taught Jon important business lessons, like work hard, love what you do and make sure you always take care of clients the way you would want to be treated. “I made it a point to always put the customer first!  In healthcare there is a sense of urgency, every second counts. Why don’t other businesses practice this same principle?” This has guided Jon through his many businesses. Returning a phone call from a client IS a must – and as quickly as possible. Meeting someone and being on time, a must. There should be no another way.

Posted in Uncategorized on January 6, 2022 at 6:31 am.

SHARE

Celebrity Homes

from Beverley Hills
to Palm Beach

Never-before-seen-photos of your
favorite celebrity homes


View More Celebrity Homes

Related Posts


Leave a Reply

Your email address will not be published. Required fields are marked *

Your name and email address are required. Your personal information is strictly confidential and will not be shared with any outside organizations.

Ask Questions

Your Soulmate in Real Estate™

Looking for a Perfect Community to live?

Take our step by step quiz to find a best matching community for you*.

* Patent Pending