Year over year numbers down 33%
As of February 15th condominium sales in the northern Palm Beach County region fell again to the lowest levels we have seen in well over a year. As we saw with our single family home report earlier in the month sales have slowed making one question just how strong the real estate recovery will be moving forward.
Over the past 30 day period we have had 74 units closed in the area compared to 88 last month for a drop of 16%. This marks the 7th month out of the last 10 where sales have dropped lower and these numbers are running just about 30% below our 12 month average. It also breaks the old 12 month low set back on September 15th of last year. Condo sales were starting to hit new highs last year at this time and stayed very strong through June. Only one time since June of last year have we had a mid month number show sales above 100.
With the “season” in full swing we usually expect a boost in condo sales so look for higher numbers over the next 3 to 4 months. If we do not see increases from these levels it is hard to imagine a scenario other than one of condo prices sliding further away from the highs we experienced last fall. Always interesting, always fun.