North Palm Beach Single Family Home Sales Down Slightly 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 9 successful single family home closings in North Palm Beach as of this mornings’ update. That compares with 10 sales in April and a slight drop from where we were last month. We expect a slowdown as we shift from spring to summer and we will keep our eyes open to see if this is trend.
While the number of sales fell last month we also saw no sales activity in either the lowest price ranges. In fact 78% of all sales reported fell between $150,000 and $500,000. Sales were spread across the board and this balance is great to see. The chart below shows the percentage of sales by price category for the month of May.
With sales Mainly towards the center it is surprising that we have a great gain in the median sales price. This was our second straight increase and it jumped to the highest monthly level we have seen since February and it is nice to see some pricing improvement. May’s median sales price came in at $345,000 up from $203,500 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 North Palm Beach and the surrounding areas.
Always at Your Service,
Tom Priester e-PRO
”Results Driven Real Estate”
Keller Williams Realty