North Palm Beach Home Sales Drop 27% in November
After a very solid, but mixed, month of sales during October I was anxious to see how things panned out in November. As reported earlier in the blog interest rates are at record lows, pending sales were also very solid but mixed and we have seen a slight increase in inventory levels. There is no doubt that the lower inventory levels we have been experiencing have an impact on sales so let’s look at the final numbers for last month. During November our real estate sales power rankings ended up like this;
#1 Juno Beach
#2 Palm Beach Gardens
#4 North Palm Beach down 27%
#5 Hobe Sound down 44%
#6 Tequesta down 60%
None of the markets we cover in this report showed increased sales in November which is the first time we have seem that for a long time. In fact, all but 1 of these markets showed a double digit decline from October levels. The market in some segments is very strong and finding homes for certain clients remains a very difficult task. Other segments still have a ways to go and we are hardly out of the woods when it comes to calling an end to the great real estate bubble. The overall economy certainly comes into play and it would appear that unemployment will remain a long term issue. Foreclosure activity in Palm Beach County has showed higher numbers over the past three months so the next few months will as always be very interesting to watch.
This month’s 4th place finisher in our sales power ranking are single family home sales in North Palm Beach that were down 27% from the previous month. This was also our lowest monthly sales level since July and hopefully just a temporary setback to what has been a strong market over the past three quarters. We dropped rather significantly in November with just 8 sales compared to 11 in October. We also fell well below the 12 month average which stands at 9.66 but well ahead of the 4 homes that sold in November of last year.
While sales levels were very low they were also concentrated on homes that sold for less than $300,000 which accounted for 62% of all sales during the month. We did have 3 sales scattered at higher prices but certainly a weak month for the luxury home market in North Palm Beach . The chart below shows the percentage of sales by price category for the month of November.
With sales mainly in the lower price ranges I we would expect to see the median sales price have a weak showing and that is what it did. We actually saw an increase in median price to $265,500 from the $235,000 we saw the previous month. We did fall below the 12 month average of $296,908 and this is the 6th lowest monthly we have seen in 12 months. We however did stay above the median price sale of $239,500 we saw in November of last year. 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