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Featured Listing

11321 Persimmon Boulevard (The Acreage): $ 250,000
Bedrooms: 3, Bathrooms: 2

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

LOCAL HOUSING MARKET MIRRORS ECONOMIC DOWNTURN
PRICES CONTINUE TO DECLINE

We wish we could bring you better news about the local housing market in Palm Beach Gardens and throughout Palm Beach County, but we’ve just completed the research and the statistics are not what we’d like them to be for housing prices and sales in our area.

Throughout Palm Beach County, the median price of single family homes has declined about 23 percent since the high in 2005.  At that time, the median price of a single family home in Palm Beach County was $421,500.  Today that figure is $323,300.  In Palm Beach County there are about 30,000 single family homes, townhouses and condos on the market today, compared with about 12,000 – 15,000 properties on the market in more normal times.  And homes are generally staying on the market longer as buyers view many more properties and seek the best deals available.  The number of foreclosed and pre-foreclosure properties (which is high throughout the country) is definitely hurting property values.

If there is a bright spot in this news, it is the fact that from January 2008 through August 2008, sale prices declined just 6 percent.  And there were some months where prices actually increased, but the increases were not sustainable.

In two communities that we follow closely, price declines are similar to the county-wide numbers.

Ironhorse Country Club has seen a 22 percent decrease in home prices since 2006 when the average dollars per square foot was $226 for the 15 properties that sold.  Today, average dollars per square foot is $177 for the seven homes that sold in Ironhorse between January 2008 and early October 2008.  The Ironhorse sales included one foreclosure and one short sale, which dragged the average down.  There are an additional seven homes under contract. 

Steeplechase is feeling a 25 percent decline in dollars per square foot from the high point of $331 in 2006 down to $246 for the seven homes that sold in 2008 through early October.  The Steeplechase sales included one foreclosure and one “tear-down,” both factors in the price decline.

Despite the downturn in home prices, The Weiss-Clawson Team continues to provide buyers and sellers throughout the area with outstanding customer service from initial client consultation through to the closing table, regardless of how long the search or sale process may take.  We will be there for you throughout your transaction.