Tequesta Single Family Home Sales Down March.
After soaring in February Tequesta single family home sales flopped during March; it was the only location in the north county area that did not have an amazing month and a lot of that is related to a shortage of quality inventory. During the month our local MLS system shows a total of 9 successful closings as of this mornings’ update. That compares with 13 sales in February and a bit disappointing considering how everyone else fared during the month.
While the number of sales fell last month they also were entirely in the lower price categories; in fact 67% of all sales were below $300,000 with the highest price recorded at $675,000. 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 more sales in the upper price ranges over the coming months as the economy continues to improve; 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 kept a damper on the median home price and it stayed exactly where it was last month at $250,000; firmly entrenched at the lowest levels of the year. 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 Tequesta and the surrounding areas.
Always at Your Service,
Tom Priester e-PRO
“Results Driven Real Estate”
Keller Williams Realty