Palm Beach Gardens Home Sales Drop 12% 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 down 12%
#3 Jupiter down 20%
#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 2nd place finisher in our sales power ranking are single family home sales in Palm Beach Gardens that were down 12% from the previous month. This was also our lowest monthly sales level since November of 2010 and hopefully just a temporary setback to what has been a strong market over the past three quarters. We dropped in November to just 51 sales compared to 58 in October. We also fell well below the 12 month average which stands at 66.5 and slightly ahead of the 47 homes that sold in November of last year.
While sales levels were very low they were also concentrated on homes that sold for between $150,001 and $500,000 which accounted for 66% of all sales during the month. We did have 6 sales scattered at prices below $150,000 and 6 homes that sold between $500,001 and $750,000 with 5 homes in the higher price categories. Overall sales were spread well among the various price points. The chart below shows the percentage of sales by price category for the month of November.
With sales mainly in the middle price ranges and a good showing at the top end of the market we would expect to see the median sales price have a solid showing and that is what it did. We actually saw a small decrease in median price to $310,000 from the $334,600 so median prices are holding up well. With that showing we did fall slightly below of the 12 month average of $332,250 but again median prices seem to be stabilizing in this range. We also stayed slightly below the median price sale of $340,000 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