Home appreciation prices are up for several parts of Palm Beach County. Some zips are seeing a double-digit percentage increase in the third quarter, but realtors explain it doesn't necessarily mean it's a seller's market in those zips.
Karen Moody sells homes for a living, she's a realtor and in a short amount of time, she's been on both sides of the client spectrum, buying and selling.
"I think the appraisals are coming in a little tighter," said Moody.
She couldn't price her home at what the last highest sale was in her neighborhood. Moody is selling her Boynton Beach home in a zip that is seeing a dip in price appreciation for single-family homes in the third quarter.
"We experienced that personally as buyers even though I work in the field, you don't always get the highest and best," she said.
At least 10 zips in Palm Beach County with more than 50 closed sales saw price appreciation increases for single-family homes in the third quarter., the majority in the south Palm Beach County. It's great news for homeowners, but JD McClintock, Incoming Southern Palm Beach Regional Vice President for the Realtors of the Palm Beaches and Greater Fort Lauderdale said it doesn't mean every home in that zip is going to see an increase sale price.
"A lot of that data talks about median prices so median prices can change based on the inventory so while we’re seeing that and it's great and we’re still in a strong market, it doesn't necessarily reflect a true price change in the individual price change on the individual homes in those markets," said McClintock.
Take for instance a home on Forest Hill Boulevard in a zip that saw a 9.8 percent decrease in the median sale price for single-family homes in the third quarter, that home may be going for the median sale price of 275,000, but other homes nearby in the same zip can be sold for a higher price.
"Everything is taken into considering in valuing a house," added McClintock.
McClintock said if the home has upgrades if it's on the main road, it's square footage, and of course demand in that zip, all have an effect on the home's value.
"In a specific neighborhood if the prices are increasing generally it's because of the desirability in that area though," he added.
McClintock said while the third quarter data is helpful, as a seller or buyer don't let the numbers determine your sale or purchase.
"When you're looking at this, you're looking at one quarter and you're making decisions very small piece of data to make a life decision on," said McClintock.