Palm Beach Gardens Home Sales Down 11% in October
Still trying to catch up after a well deserved vacation and a return to a south Florida real estate market that is hot, hot, hot. While I quit reading the newspaper and listening to news on the TV I get more than enough from the internet and know how the talking heads report how bad everything is with the economy. Somebody forgot to tell home buyers how bad it is because they continue to spark the amazing rebound we have seen this year. Particularly strong is the single family home market and well priced waterfront properties but we are seeing strength everywhere. Watch for a big sale coming out of Martin County soon. During October our real estate sales power rankings ended up like this;
#1 Hobe Sound
#3 North Palm Beach
#4 Palm Beach Gardens down 11%
#5 Jupiter down 12%
#6 Juno Beach down 33%
Three of the markets we cover in this report were down in October but three were up and those that were up showed very good gains. Sales remain strong and there are many, many buyers lined up waiting for properties that match there needs. We were spoiled by great inventory levels for many years and those days are over. Many still worry about the “shadow inventory” of foreclosures and time will tell if those fears are founded but these days I am finding much better value in traditional sales and we seem well positioned to start seeing rising prices once again in south Florida. We deserve it after the past 6 years.
This month’s 4th place finisher in our sales power ranking are single family home sales in Palm Beach Gardens that were down 11% from the previous month. This was our second straight decline and the 3rd in four weeks. We went a bit lower in October with 58 sales compared to 65 in September. We did stay below the 12 month average which stands at 67.5 and were also below the 63 homes that sold in October of last year.
While sales levels went lower they also were heavily weighted in the lower to middle price categories. In fact 76% of all sales last month were between$300,000 and $500,000. Only 14% of all sales were of homes valued above $500,000 which was one of the weaker showings of the luxury market in recent months. The chart below shows the percentage of sales by price category for the month of October.
With the majority of sales in the lower to middle end of the price ranges range we would expect to see the median sales price stay fairly steady and that is what it did. We actually saw a nice increase in median price to $334,600 from the $290,000 we saw the previous month. We were pretty close to the $339,000 median price we experienced in October of last year and this is the highest monthly we have seen in 4 months. This showing kept us almost even with the 12 month average of $335,542. Foreclosures continue to put pressure on pricing but it sure feels like the supply forces will be pushing for increased prices ahead. The chart below shows median prices on a monthly basis over the previous 12 month period.
This crazy world of real estate is what I thrive on and nothing gives me more satisfaction than assisting other in finding that perfect home and negotiating the best pricing and terms or listing and marketing their current home to achieve the best results. Your free consultation is but a phone call away so if we can be of service in any way to you, your friends, family and colleagues please do not hesitate to give me a call. Easily reached at 561 308-1075 or via e-mail at email@example.com we are here to assist in any way that we can.
Always at Your Service,
Tom Priester e-PRO
”Results Driven Real Estate”
Keller Williams Realty