North Palm Beach Home Sales Jump 20%
Spring is in the air, our streets here in paradise are less crowded and a seat at The Food Shack on Friday night is easier to find. All is well and the real estate market continues to thrive in south Florida. Finding well priced properties, especially single family homes in good shape, remains a struggle and seeing multiple Realtors with their clients in tow within hours of a new listing hitting the market is a typical sight.
While inventory levels remain lower than those we have been spoiled by over the past few years we are seeing some renewed listing activity over the past week or so. While we are still about a week away from our detailed look at inventory levels I expect them to have remained relatively unchanged. With interest rates setting new all time lows and plenty of buyers looking for the right opportunity this years spring buying season remains very interesting to watch. So without further adieu let’s evaluate how sales looked in the local markets during the month of March.
#1 Juno Beach
#3 Hobe Sound
#4 North Palm Beach – up 20%
#4 Palm Beach Gardens – up 6%
#6 Jupiter – down 12%
While we started off on kind of a down note with Jupiter showing a decline in sales of 12% over the previous month I can assure you that is a function of a huge jump in February and a lack of quality inventory. Overall, the best word to use when describing March real estate sales in the north county area is stupendous. Maybe super duper stupendous. The median increase over February sales was 31.5% and the average an even more incredible 42.8%.
Weighing in last month in 4th place was North Palm Beach with a 20% increase over February sales numbers. 20% increase and only a 4th place finish shows you how strong the local markets truly are. During March 6 single family homes were sold compared with 5 during the previous month. We remain below the 12 month average which stands at 9.66 and also far behind the 11 homes that sold in March of last year.
While sales increased they also were heavily weighted in the luxury market with 50% of all sales coming in above the $750,000 threshold. The fact that money is flowing into the market at all levels is a very positive signal that we certainly would like to see continue. The chart below shows the percentage of sales by price category for the month of March.
With solid sales numbers in the ultra-luxury market we would expect a very solid showing in median sales prices and man did we see that. In March the median sales price in North Palm Beach jumped to a multi-year high of $620,000 from the $230,000 we saw in February. With this showing we obviously soared above the 12-month average of $284,783 and also far below the median price from March 2011 which also stood at $230,000. Signs still point to 2012 being the first year with a median price increase since the big bubble burst over 6 years ago. The chart below shows median prices on a monthly basis over the previous 12 month period.
Interesting times continue so keep turned in for the latest news from paradise.