Tequesta Home Sales Stall 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
#5 Hobe Sound
#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 for October levels. The market is 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 6th place finisher in our sales power ranking are single family home sales in Tequesta that were down an amazing 60% from the previous month. This was also our lowest monthly sales level since January 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 6 sales compared to 15 in October. We also fell well above the 12 month average which stands at 10.75 and below the 9 homes that sold in November of last year.
While sales levels were very low they were evenly spread out in all price categories with the exception of homes under $150,000. We did have two sales between $150,001 and $300,000 and a single sale in every other category. The chart below shows the percentage of sales by price category for the month of November.
With sales evenly spread out through all price ranges I we would expect to see the median sales price have a great showing and that is what it did. We actually saw a big increase in median price to $498,750 from the $350,000 we saw the previous month. A little bit of positive news in an otherwise dismal month. We were also well above the 12 month average of$394,529 and this is the 3rd highest monthly we have seen in 12 months. We also stayed well ahead of the median price sale of $306,500 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 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