STRONG BUYERS’ MARKET CONTINUES INTO 2008
WITH SALES VOLUME AND PRICES STILL SLIDING

It is a fantastic time to buy a home in Palm Beach County with prices and sales volume continuing to decline as we enter 2008. More homes are still coming on the market and fewer are sold, creating a large inventory in just about every price range.  This is not good news for home sellers hoping to reap large profits at the closing table. But it puts buyers in a great position.  While 2007 year end sales and price figures are not yet available for Palm Beach County, the most recent statistics from the Florida Association of Realtors shows sales volume down 13 percent and prices down 7 percent when comparing November 2007 to November 2006.

The Weiss-Clawson Team researches home sales and prices in Ironhorse Country Club and in Steeplechase.  Sales volume is holding fairly steady comparing 2006 and 2007 in the two communities but is significantly lower than the banner sales year of 2005.  Sales prices are dramatically lower in 2007 compared with 2006 and, in some instances, homes are selling below prices paid in 2005.  Looking at price per square foot, Ironhorse home prices declined 16% from 2006 to 2007.  In Steeplechase, prices declined 10% over the past year.  Both communities have a large number of homes on the market and many of the homes have been on the market for longer than six months.

IRONHORSE COUNTRY CLUB

In 2007 there were 11 homes sold in Ironhorse compared with 15 homes sold in 2006 and 36 homes sold in 2005.  Average price per square foot in 2007 was $191, in 2006 it was $226, and in 2005 it was $183.  Today there are 32 homes on the market in Ironhorse ranging in price from $350,000 up to $2,000,000.

STEEPLECHASE

In 2007 there were 10 homes sold in Steeplechase compared with 9 homes sold in 2006 and 14 homes sold in 2005.  Average price per square foot in 2007 was $297 compared with $331 in 2006 and $292 in 2005.  Today there are 16 homes on the market in Steeplechase ranging in price from $699,900 to $3,295,000.

The Weiss-Clawson Team includes resident experts in both Ironhorse and Steeplechase and we welcome the opportunity to work with you, your friends, or relatives interested in buying or selling real estate in these or any other communities in Palm Beach County. 

Market Report
Palm Beach County:  Ironhorse CC and Steeplechase - Jan 2008