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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.
Tequesta has had a bumper month of Real Estate activity!
Tequesta Real Estate has a quaint small-town feel. Best known for its marinas, the Jupiter Lighthouse, and the Jupiter Island Condos that overlook the Intracoastal and border the Atlantic Ocean, Tequesta homes offer a little bit of paradise and a relaxed lifestyle to residents of Palm Beach County. Tequesta began life in 1957, the year it received its Municipal Charter. The name Tequesta came from a strong Indian Tribe of South Florida who encroached upon the nomadic Jeagas who were inhabiting the area. Today, residents like to keep the full name, the ‘Village of Tequesta’. Now you’ll find a gorgeous little town where residents and visitors enjoy the ocean, Intracoastal Waterway, many golf courses, shopping centers, beautiful homes and condominiums and best of all, not too many people. The location is ideal – using US 1 there is easy access to both the southern towns of Jupiter and Jupiter Island, and the northern towns of Hobe Sound and Stuart in Martin County. Demand for homes here is on the rise given the opportunities for land and recreation throughout the town.
In December, there were 22 NEW Listings come onto the market.
At the time of writing, there are 28 homes currently ACTIVE – take a look at those listings here.
29 homes SOLD throughout December 2021!
Take a deeper look at Tequesta 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!
As an agent for Echo Fine Properties, Joanna Demers can help with questions, property visits, or anything else you may need. Before moving to Palm Beach county in 2000, she spent 10 years as Buyer’s agent and New Homes Sales Director in New England. Joanna has also served as an administrator, specializing in family businesses. During this time she invested in numerous land and renovation projects and gained a wealth of knowledge that proves useful every day.
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