Single family home sales fall to 5 month low in Hobe Sound
After what has been an unbelievable spring and summer buying season I was chomping at the bit to pull the final numbers for home sales throughout the region for July. With all the negative news on the economic road map perhaps the best bit of news was the Fed’s announcement of yesterday that they will keep rates artificially low for at least 2 more years. Great news indeed for homebuyers but let’s see if they alone can keep rates down this low.
We start off tis months update with single family home sales in Hobe Sound and I would be lying if I said I was not disappointed with the results. After 4 months where we have seen a minimum of 24 sales as of this morning our MLS system shows a total of 16 successful closings in July the lowest monthly total since February. We can point to the seasonal nature of our business but we still fall well short of the 27 closings we had in July of last year.
While sales levels were disappointing we did have sales in every price category which is nice to see. However 10 of the 16 sales or 63% of the market was in sales below $300,000 which remains the strongest market segment as investors continue to flock to the market picking up bargain properties. Whenever prices are this far below replacement cost it is a good time to buy and with rates this low the time has never been better. Balancing prices that may still decline in some market segments with low interest rates has many luxury home buyers still riding the fence. The chart below shows the percentage of sales by price category for the month of June.
With the strong sales in the lower pricing segments we should expect weak median sales prices figures and we actually fared a bit better in this metric. July’s numbers came in at $249,500 which is the highest number we have seen in 8 months but still being held down by the foreclosure market. We were very happy to report over the weekend that foreclosure numbers were down for the 3rd consecutive month which is the first step in getting prices to move even higher. 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 throughout Palm Beach and Martin Counties.
Always at Your Service,
Tom Priester e-PRO
”Results Driven Real Estate”
Keller Williams Realty