Market Report - Apr 2010
PALM BEACH COUNTY HOME INVENTORY REMAINS HIGH AS
SAVVY BUYERS FIND BARGAINS THROUGHOUT THE AREA
There are about 24,000 homes for sale in Palm Beach County with nearly two-thirds of them priced at or below $300,000. This provides an unprecedented opportunity for home buyers to acquire the property they have always dreamed about at an affordable price. Although the number of sales has increased every month this year, hundreds of homes are put on the market every day providing intense competition for sellers. In April 2010 there were 918 homes sold in Palm Beach County, according to the Florida Association of Realtors. That was an increase of eight percent over sales in March and nearly 25 percent more than sold in April 2009. But April prices continued fluctuating dropping three percent from March after an 11 percent increase in March over February. The median price of a single family home in Palm Beach County was $239,100 in April compared with $246,100 in March and just $219,100 in February. The real estate market has been unable to establish a firm foothold from which home prices can begin escalating. It remains a buyers’ market with some fantastic deals available throughout the area. In many communities, short sales and foreclosures continue to act as an anchor on pricing. In Ibis Country Club, for example, coach homes in Orchid Reserve are selling for $88.50 per square foot providing opportunities for buyers to purchase a unit in the low $200,000’s, or even the high $100,000’s. Prices of these homes are down 33 percent from 2008. In BallenIsles, prices of coach homes are down 28 percent from 2008, averaging $140 per square foot. A two bedroom, two bath coach home in BallenIsles sold for $299,734 this year. In Ironhorse Country Club, nine homes have sold so far this year through May, but six of the nine were either short sales or foreclosures. Just three of the nine homes were sold above $300,000. The nine sales averaged $133 per square foot, a 16 percent decline in prices from 2009. (The average price per square foot was $151 for the non-distressed sales.) There are an additional six homes under contract in Ironhorse. Last year just 11 homes sold in the community. In Steeplechase, there were four homes sold through the end of May, 2010 at an average of $222 per square foot, down just 10 percent from 2008 pricing. The 2009 pricing in Steeplechase is not comparable because just two homes sold during the year, one a foreclosure and one a teardown. The Weiss-Clawson Team researches prices and market trends in communities throughout Palm Beach Gardens and Palm Beach County to provide the most up to date information for our clients. If you are interested in buying or selling a home in Palm Beach County, we would like to work with you. Please contact The Weiss-Clawson Team directly. We look forward to hearing from you and to working with you.
