Tequesta Home Sales Jump 36% 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
#2 Tequesta up 36%
#3 North Palm Beach up 10%
#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 2nd place finisher in our sales power ranking are single family home sales in Tequesta that were up 36% from the previous month. This was also our highest monthly sales level since June of 201 and another bullish sign of the market recovery. We went higher in October with 15 sales compared to 11 in September. We did stay well above the 12 month average which stands at 11 and well above the11 homes that sold in October of last year.
While sales levels went higher they also were heavily weighted in $150,000 to $500,000 price categories. In fact 74% of all sales last month were in that range with 40% between $150,001 and $300,000 and 34% between $300,001 and $500,000. The chart below shows the percentage of sales by price category for the month of October.
With the majority of sales in solid price ranges range we would expect to see the median sales price increase and that is what it did. We actually saw a nice increase in median price to $350,000 from the $295,100 we saw the previous month. We were way below the $580,000 median price we experienced in October of last year but this is the 6th highest monthly we have seen in 12 months. This showing still kept us a bit below the 12 month average of $378,508. 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 firstname.lastname@example.org 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