February Tequesta Single Family Home Sales Jump to Highest Level in 8 Months
Tequesta continues to show amazing strength with shrinking inventories, higher pending home sales and now in February we can report outstanding sales figures; single family home sales were at the highest level we have seen in 8 months. During February our local MLS system shows a total of 12 successful closings as of this mornings’ update. That compares with 5 sales in January and the third highest total we have experienced in 12 months.
12 sales is certainly fantastic news but breaking down those sales is a bit dissappointing as 67% of those sales were between $150,000 and $300,000 and only 2 of February’s sales were above $500,000. As I reported last month, I fully expected higher sales figures in Tequesta but I was hopeful of additional sales in the luxury market which maybe we will see in March and April. We still have large inventories of higher priced homes, however well priced homes continue to sell quickly while some sellers end up making large concessions during negotiations. Last month a Bay Harbour home with 3,495 livable square feet was listed at $559,000 and sold in 30 days for over 98% of its list price. The chart below shows the percentage of sales by price category for the month of February.
With the bulk of last months sales below the $300,000 we should expect a pullback in the median monthly sales price. And boy we did get one as the monthly median sales price slipped to $245,000 from $346,000 in January and the lowest monthly total we have seen since April of last year. Again, with our northern friends in town I see better days ahead in this Tequesta category as well. The chart below shows median prices over the preceding 12 month period.
I watch these market trends very closely as the data is very important to our clients, whether they are buying or selling, to paint a picture of where the market may be heading. If you would like any additional information on a specific home, neighborhood, or community please feel free to contact me. I am easily reached at 561 308-0175 or via e-mail at firstname.lastname@example.org and would be happy to be of assistance with any of your real estate questions. After just one call you will know why “Results Driven Real Estate” is your top choice for professional real estate services in Tequesta and the surrounding areas.
Always at Your Service,
Tom Priester e-PRO
”Results Driven Real Estate”
Keller Williams Realty