North Palm Beach Single Family Home Sales Jump 50%
As I sit down to finish up my final articles about the metrics of the 2011 south Florida real estate market I am excited about what the new year will bring. There are many positive signs and I am looking forward to finishing up this review of December sales in the region so we can put together the recap of 2011 and our projections for 2012. But first things first let’s see how things panned out in the final month of 2011. During December our real estate sales power rankings ended up looking like this;
#2 North Palm Beach up 50%
#3 Palm Beach Gardens up 31%
#4 Hobe Sound up 10%
#5 Jupiter up 5%
#6 Juno Beach down 66%
Last month we reported how sales were down throughout the north Palm Beach County area and it was great to see a robust rebound to end up the year. Five of the main market areas reported increases and some were rather dramatic with the only segment losing ground being the condominium market in Juno Beach.
This month’s 2nd place finisher in our sales power ranking are single family home sales in North Palm Beach that had a huge 50% increase over the November sales volume and still could not grab the top spot. This shows you the strength we have heading in to the new year. We are pushing up into the highest levels of the year with these numbers and in fact the second highest monthly total of the year. In December we had 12 sales which was an increase of 4 from the 8 sales we had in November. We also jumped ahead of the 12 month average which stands at 9.5 but fell just below the 14 units that sold in December of last year.
While sales levels ticking up we also saw a good balance of homes selling in all price categories except those under $150,000 where we really have no inventory. Still the majority of sales equaling 42% of the overall market fell between $150,000 and $300,000 showing where many first time home buyers are looking. Sales of luxury homes with prices above $500,000 were also strong controlling 33% of the market. The chart below shows the percentage of sales by price category for the month of December.
With the majority of sales in the lower price ranges and solid upper end sales we would expect to see the median sales price put in a solid performance as well. In fact we did better than solid as we actually had our best monthly performance since May. Those numbers provided us an increase in median price to $342,500 from the $256,500 median we experienced in November. With this showing we jumped ahead of the 12 month average which sits at $287,992. However we fell short of the median price sale of $450,000 we saw in December 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