Market Report - Jul 2009
Sales of homes in Palm Beach Gardens and throughout Palm Beach County are increasing as prices continue to decline, according to May home sales statistics released today by the Florida Association of Realtors.
More than 700 single family homes sold in May, 2009, an increase of about eight percent over the number of homes closed in April and a five percent increase over May of 2008.
But home prices continue to fluctuate and may not yet have found a bottom from which to begin rising. The median Palm Beach County single family home price for May was $232,000, the same as it was in January and about one percent lower than it was in April. But the price is 30 percent lower than the median single family home price of May, 2008 which stood at $330,900. Single family home prices in Palm Beach County are about where they were in the spring of 2003.
This is a tough story for home sellers, especially those who bought their property during the past five or six years. Experience from the front line is that homes are selling if they are priced right and if buyers believe they are getting a good deal.
But the homes that are selling are the lower priced properties. About 62 percent of the homes sold in May were priced at or below $300,000.
May condo sales decreased in number from April and were up a slight three percent from a year ago. But condo prices may have bottomed as the May median price of a condo in Palm Beach County rose about nine percent over April prices, though they were down more than 30 percent from a year ago. The median price for a condo in Palm Beach County in May was $107,500 compared with $98,200 in April.
The Weiss-Clawson Team closely follows the real estate market in Palm Beach Gardens and throughout Palm Beach County and shares this information with our clients. We have sales information available for many communities throughout Palm Beach County which can be obtained by contacting us directly. PALM BEACH GARDENS HOME SALES INCREASE
AS PRICES DIP SLIGHTLY
