Palm Beach County Real Estate: 1st Quarter 2015’s Beneficial Trends

Palm Beach County real estate trends indicate that cash sales, new listings and median prices are up while investor activity, median days on the market and short sales are on the decline. That’s clearly good news for anyone looking to enter the market in the first or second quarter of FY 2015. This is especially the case for people interested in historic homes. Why? Federal investment and local ad valorem tax incentives are still available in popular areas like Delray Beach and Palm Beach.

These types of programs allow people who purchase historic real estate in Palm Beach County to take advantage of financial incentives and other benefits. For instance, they may be able to deduct the full amount of select home repairs from their taxes or receive interest free loans through Palm Beach County’s Community Redevelopment Agencies. In addition, the tax exemptions are often transferable, which is a plus when putting one’s Palm Beach County real estate up for sale.

Of course historic district related incentives aren’t the only ones available to Palm Beach County buyers and sellers. This year, Federal Housing Administration, Freddie Mac and Fannie Mae have each altered their programs’ requirements in ways that benefit first time buyers. Plus, interest rates are hovering somewhere between 4 and 5%. Consequently, some clients might be able to produce a 3% down payment to secure a historic district property as opposed to the large percentages of yesteryear.

Afterward, they may be able to finance the rest of their purchase while enjoying low-interest and competitive mortgage insurance rates. Options include, but are not limited to paying more interest in lieu of mortgage insurance waivers and using 80-10-10 loans to one’s advantage. To learn more about Palm Beach County real estate trends and how they may benefit you or a loved one, please contact the Jackie Ellis Team today at 561-965-1225 or visit JackieEllis.com.

Lake Charleston Market Report

As the premier real estate professional for Lake Charleston, I am often asked about the real estate market for Lake Charleston and it what it means to its resident homeowners. In August of this year we had 118 homes on the market in Lake Charleston and its immediate surrounding neighborhoods. It may surprise you to learn this is a 24% increase over the same month last year. August also reported 22 homes closed.  When compared to the same time last year….it’s a whopping 100% increase.

Lake_CharLast August (2013) only 11 homes sold. In a nutshell, inventory and available homes have increased, yet sales are have increased as well.  What’s the good news? When analyzing the Lake Charleston market we have a 6 months supply of inventory. That means if no other homes came on the market it would take 6 months to sell every available home at the rate they are currently selling. A 6 month inventory supply is a nice balanced market. Let’s talk about average sold price. The average sold price in Lake Charleston for single family homes in August of last year was $259.000. This past August it was $255,000 showing a slight decrease in the average sold price. However, in general the average has been going up slightly when looking at the last few months.

So what does this mean to you if you own and live in Lake Charelston? How much is your home worth? Visit WhatIsMyHomeProfit.com or call us at The Jackie Ellis team today at 561-965-1225.

Winston Trails Market Report

As the premier real estate professional for Winston Trails, I am often asked about the real estate market for Winston Trails and what it means to its resident homeowners. In August of this year we had 16 homes on the market. That is basically the same inventory as the same month last year.

Winston_TrailsAugust also reported 5 homes sold.  When compared to the same time last year….it’s actually less. The same month last year reported 9 homes sold. In a nutshell, inventory is the same, yet sales are lower than the same month last year. What’s the good news? When analyzing the Winston Trails market, we have a 3 months supply of inventory. This clearly indicates we are still in a seller’s market. The even better news is that the average sold price is up from $270,000 to almost $300,000. That’s a huge jump for 1 year.

So what does this mean to you if you own and live in Winston Trails? How much is your home worth? Visit WhatIsMyHomeProfit.com or call us at The Jackie Ellis team today at 561-965-1225.

Smith Farm Market Report

As the premier real estate professional for Smith Farm, I am often asked about the real estate market for Smith Farm and what it means to its resident homeowners. In August of this year we had over 40 homes on the market. That is double when compared to the same month last year. August also reported 10 homes sold (In Smith Farm and immediate surrounding area). When compared to the same time last year….it remains the same. In a nutshell, inventory is up and sales are remaining the same when comparing year over year.

Smith_Farm_Graph

What’s the good news? When analyzing the Smith Farm market, we have a 4 month supply of inventory. This clearly indicates we are still in a seller’s market. The even better news is that the average sold price per square foot has increased as of August of this year to $129.00. That is a whopping 8 dollars a square foot more on average when compared to August of last year.

So what does this mean to you if you own and live in Smith Farm? How much is your home worth? Visit WhatIsMyHomeProfit.com or call us today at 561-965-1225.