14 Dec Residential Property in Palm Beach County Remains an Excellent Investment
Residential property in Palm Beach County is proving to be an excellent choice for investors during these uncertain times. The increasing value of rental homes in communities such as Boca Raton, Delray Beach, Palm Beach Gardens and Wellington, make property management services particularly important.
The World Property Journal (WPJ) recently reported on a “double-digit sales spike” in the Palm Beach County housing market.
The WPJ drew on data released by the Miami Association of Realtors for August 2020 that indicates:
- Palm Beach County total home sales jumped 11.3% year-over-year, from 2,707 to 3,014.
- Palm Beach single-family home sales jumped 15.8% year-over-year, from 1,566 to 1,814.
- Palm Beach existing condo transactions increased 5.2% year-over-year, from 1,141 to 1,200.
“Strong demand coupled with limited supply continue to drive price appreciation in Palm Beach,” the report says. “Palm Beach County single-family home prices increased 12.4% year-over-year in August 2020, increasing from $355,000 to $399,000. Existing condo prices increased 17.8% year-over-year, from $182,500 to $215,000.”
“Record-low interest rates; a record-high S&P 500; the appeal of stable assets in a volatile economy; homebuyers leaving tax-burdened Northeastern states to purchase in Florida (no state income tax); and work-from-home and remote-learning policies have all combined to create a robust market for luxury single-family properties,” the report concludes.
Many of the factors that are driving the surge in sales also apply to the rental market. Renters who may not be ready to commit to a purchase also are looking for homes that can accommodate both home offices and remote learning. Palm Beach County single-family homes also provide access to the great outdoors, where social distancing and actual socializing are possible all year long.
As the WPJ points out, “Before the COVID-19 situation, the Palm Beach market was exceptionally strong.” The unprecedented pressures of a global pandemic have only served to reinforce the strength of the market.
Whether your investment property is in Palm Beach, Royal Palm Beach, Jupiter or Delray Beach, professional property management from someone you can trust are key to protecting your investment.
If you are looking for someone to manage your rental property, we hope you will contact the Palm Beach County property management experts at The Rental Authority.