Palm Beach’s 2017 residential real estate market continued its upward trajectory throughout Q3. The quarter began with strong performances in July and August, where both transaction and dollar volume increased substantially month over month, and ended with similarly impressive YTD increases in dollar volume, transaction volume and average price. While Palm Beach’s market activity slowed briefly as a consequence of Hurricane Irma, it rebounded quickly to resume its previous upward momentum, and is poised today for a strong Q4. As commented by Fed Chair Janet Yellen in a recent briefing, “While the effects of the hurricanes on the U.S. economy are quite noticeable in the short term, history suggests that the longer-term effects will be modest and that aggregate economic activity will recover quickly.” These sentiments, combined with optimism around regulation cuts and tax reform, are likely to sustain the current positive economic environment, one from which the Palm Beach real estate market continues to benefit.
