Hobe Sound single family sales hit annual high.
After jumping 20% in February Hobe Sound single family homes sales soared like an eagle during March jumping over 133% to a new yearly high. During the month our local MLS system shows a total of 28 successful closings as of this mornings’ update. That compares with 12 sales in February and a continuation of a market improving even though prices are still being held down.
While the number of sales soared last month they remained intrenched in the lower price ranges with 75% of all sales below $300,000. The local market is doing a great job of absorbing the foreclosures as they hit the market but those properties are keeping a lid on price increases at this time. I am hopeful that we see a pick up in the upper price ranges over the coming months as we really need to start seeing some positive signs in inventory reductions. The chart below shows the percentage of sales by price category for the month of March.
With sales falling heavily into the two lowest price categories it is no surprise that the median price for the month also looked poor. In fact, it was down to $184,450 in March, which is the lowest total of the year right and down over 12% from last months number of $210,250. With the season winding down I was expecting a much stronger showing but we hardly experienced that which is certainly disappointing. The chart below shows median prices on a monthly basis over the previous 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 Hobe Sound and the surrounding areas.
Always at Your Service,
Tom Priester e-PRO
”Results Driven Real Estate”
Keller Williams Realty