Hobe Sound Home Sales Drop Significantly During May
The strength of the spring home buying season in Palm Beach and Martin Counties has been nothing short of spectacular. Inventories as reported here are at year long lows and interest rates were down again for the 8th time in 9 weeks. I wondered just how long can we keep this party going as I sat down to put together the final sales numbers for May. During the month our local MLS system shows a total of 22 successful single family home closings in Hobe Sound as of this mornings’ update. That compares with 34 sales in April and a pretty significant drop. We expect a slowdown as we shift from spring to summer but this was a pretty big drop and worth watching.
While the number of sales fell last month we did see more activity in the $300,001 to $500,000 price category but sales were lackluster above those levels. A full 69% of all sales were under the $300,000 price point. I would like to start seeing more 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 May.
With strong sales in the $300,001 to $500,000 range we saw our second straight monthly increase in median home value. In fact, it jumped to the highest monthly level we have seen since last December and it is nice to see some pricing improvement. May’s median sales price came in at $240,000 up from $224,450 the previous month. The truth is 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 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