Big Monthly Drop in Palm Beach Gardens Home Sales
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 that they will try to keep interest 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 started off this months update with single family home sales in Hobe Sound and North Palm Beach and condo Sales in Juno Beach I would be lying if I said I was not disappointed with the results. Next up is single family home sales in Palm Beach Gardens which dropped significantly from June but still remained at the 5th best performance of the year. After hitting a new high of 90 in June as of this morning our MLS system shows a total of 68 successful closings in July which is much stronger than other north county areas. Well above the 49 sales we had in July of last year August is going to be interesting to watch indeed.
While sales levels were decent they were spread among all price categories with 56% of all sales under the $300,000 mark. Whenever prices are below replacement cost it is a good time to buy and with rates this low the time has never been better for buyers. 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 July.
With many sales in the lower pricing segments we should expect weak median sales prices figures and that is what we got down very close to our annual low. July’s numbers came in at $278,250 which is the lowest monthly number we have seen since February and still being held down by the foreclosure market. We were very happy to report last week 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