May 6, 2016
According to a Palm Beach Daily News Article by Darrell Hofheinz, the Palm Beach Luxury Real Estate Winter Season ‘wasn’t explosive but it was active as buyer and sellers met in the middle over prices.’ Hofheinz notes that the real estate market found ‘more solid ground’ over the last seven months. He further explains that ‘regaining balance was a recurring theme in conversations’ amongst those who work in the business.
Palm Beach’s winter real estate season was busy but not ‘frantic’ and saw more sellers entering the market. According to article, listings have increased from 136 a year ago to 167 currently listed in the Palm Beach Board of Realtors Multiple Listing Service (MLS).
When asked about the winter season, Bill Yahn who serves as Douglas Elliman Real Estate’s Regional Senior Vice President South Florida said ‘it’s merely a sign that the market has become more sustainable. This is common. We’ve seen it before. Prices move up, and it’s a buyer’s market ‘“ and then it levels off. And we find parity between buyers and sellers.’
Hofheinz reminds readers of several factors that marked the winter real estate season. The stock market, the presidential-election season, the earlier weak Canadian dollar, a mild winter in the North, and the early end of the season with Easter falling on March 27.
Either way, brokers are ‘expecting sales to continue apace through May and even into early season’. One Palm Beach Broker is quoted as saying, ‘We’re going to look back at 2016 and say it was a strong season. But it’s a late bloomer.’ See Full Article
Ready to discuss the current luxury real estate market? Contact Randy Ely and Nicholas Malinosky about the value of your luxury residence or for a complete list of luxury homes that are currently for sale. Mr. Ely and Mr. Malinosky are ready to help you achieve your luxury real estate goals.