Always Has to Be Someone to Spoil the Party
Last month it was Tequesta who was the only town to show a decrease in sales and I make it to the end of my reports this month and everyone showed solid gains and then comes North Palm Beach. In all fairness, it was a small drop and sales remain near year long highs but just the same it was a decrease. During the month our local MLS system shows a total of 10 successful closings as of this mornings’ update. That compares with 11 sales in March, but still the 5th highest sales level of the year and a solid continuation of a market improving even though prices are still being held down by the foreclosure sales.
While the number of sales were very strong last month they unfortunately were highly concentrated at the bottom of the price categories with over 45% of sales coming in at $150,000 or lower. Still need to start seeing solid sales in the higher price categories as we still have some significant inventory issues to work through. The chart below shows the percentage of sales by price category for the month of April.
With sales mainly in the lower price ranges it certainly is no surprise that the median sales price for the month in nothing to shout about. In fact, it dropped to the lowest monthly level we have seen since last May and we would love to see some improvement here as well. April’s median sales price came in at $203,500 down from $230,000 the previous month. The truth is the foreclosures still apply much pressure to prices and while we have seen some gains those are usually in areas with lower levels of foreclosure activity. 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 email@example.com 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