Singer Island – 2nd Quarter 2014 Market Update

wreg For Buyers , For Sellers , Marketing Reports , Regional News , singer island 2 Comments

Keeping a finger on the pulse of the market is critical when looking to buy or sell your home.” The Walker Real Estate Group brings their customer base “Just the Facts” enabling them to make knowledgeable decisions with regard to the real estate world around us…”

Here we are half way through 2014. The 1st five months of the year have been very active while June has seen a slow-down in all sectors. There were 105 condominium re-sales on Singer Island in the first half of 2014; although total transactions decreased by 12.5% with the same period in 2013, the sales volume increased 3.6%. The cold northern winter and great Florida sunshine have been major contributors to the increased sales activity.

Let’s recap the 1st half of the year in condominium re-sales on Singer Island and compare with the same period in 2013:

  • Breaking down the 1st half of 2014, condominium re-sales are divided into three categories; sales less than $500K, sales between $500K to $1M, and those sales above $1M; there were 58 (58%) , 26 (25%) and 21(20%), respectively. The ratio of $500K plus condos has increased dramatically over the same time last year.
  • The average Days-on-Market (DOM) for these sales continue to drop, down to 178 (approximately 6 months); in 2013 DOM averaged 222 days (approximately 7 ½ months).
  • The highest re-sale in the 2nd quarter was Ritz Carlton Residence 1802A at $3,700,000 (incl. furnished cabana & additional 2-car garage).
  • Condo inventory ended June at 162 units; a downward trend.
  • There was only one short sale in the 2nd quarter.
  • Price per square foot of the older condos (built 1969-1989) ended the quarter at $254; and the price per square foot of the newer condos (built 2003-2008) finished at $560. This represents an 8.5% increase in older condo sales value and a 15.7% increase in newer condo sales value from this period last year. (This does not represent “developer sales”, such as the Ritz Carlton Residences.)

CLICK HERE: Singer Island 2nd Quarter 2014 Market Update

CLICK HERE: Singer Island June 2014 Market Update

PBC Property Values Continue to Rise in 2014

Palm Beach County’s property values have increased for the third straight year; although still 17.6 percent less than the peak of $169.5 billion in 2007, values continue to rise. 2014 is the first year since values hit bottom that all of the county’s 38 cities and towns showed a year-over-year increase in taxable values.

According to Property Appraiser Gary Nikolitis, “If you were to trend the values from back in the late ’90s to current, we are probably where we should have been if we’d had normal market conditions all along.” The July 1 tax roll released by Nikolits’ office shows that taxable property values countywide increased to $139.6 billion on the first day of 2014 from $130.0 billion on the first day of 2013, that’s a 7.4% increase. Keep in mind that a 6 -7 percent increase is fairly normal.

Here is some of the north county’s cities property value growth:PBC Property Values

  • Jupiter saw a 7.6 percent increase, to nearly $8.1 billion from $7.5 billion last year.
  • Palm Beach Gardens’ taxable values rose nearly 7.9 percent, to nearly $8.8 billion from $8.1 billion in 2013.
  • West Palm Beach values will rise 6.7 percent, to nearly $8.9 billion from $8.3 billion.
  • Riviera Beach saw a 6.3 percent increase, to nearly $3.4 billion from $3.2 billion last year.
  • North Palm Beach values will rise 5.5 percent, to nearly $1.6 billion from $1.5 billion.
  • Palm Beach Shores’ taxable values rose nearly 2.1 percent, to $524.2 million from $513.4 million.

County Administrator Bob Weisman said the increased countywide values would generate about $44 million in additional property tax revenue for the county’s operating budget at the current tax rate. The higher-than-expected increase is an encouraging sign of a recovering economy.

The Walker Real Estate Group keeps an eye on the pulse of the market and informs its customers of the trends so they can make better decisions whether it’s buying, seller or just renting their Singer Island property. We are the Number One source for “What’s Happening” on the island!

2014 has become another excellent year for the Walker Real Estate Group; as the #1 Sales Team on Singer Island. Providing our customers a true concierge experience has been a major factor in our success. Trust, integrity and knowledge of the market is our number one priority.

Call US today for a free confidential interview!

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].

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