North Palm Beach Single Family Home Sales up 83% in March.
After falling slightly in February North Palm Beach single family home sales soared like an eagle during March jumping 83% to one of the best performing months of the last year. During the month our local MLS system shows a total of 11 successful closings as of this mornings’ update. That compares with 6 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 73% of all sales below $500,000. 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. While there were no sales last month in the $500,000 to $1,000,000 price ranges March was a good month in the uber expensive homes with 2 sales priced higher than $1,100,000. I am hopeful that we see a more sales in the upper price ranges over the coming months as we really need to start seeing some continuing 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 lower price categories it is no surprise that the median price for the month also looked poor. In fact, it was down to $230,000 in March, which is down almost 7% from last months number of $245,500. 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 North Palm Beach and the surrounding areas.
Always at Your Service,
Tom Priester e-PRO
”Results Driven Real Estate”
Keller Williams Realty