Market Report - Feb 2010
PALM BEACH GARDENS HOME SALES INCREASE AS PRICES
CONTINUE TO DECLINE: BUYERS' MARKET PREVAILS
Home sales in Palm Beach Gardens and throughout Palm Beach County increased slightly in February as prices continued to decline. The large majority of homes sold were priced at or below $300,000 putting further pressure on declining prices.
The median price of a single family home in Palm Beach County declined eight percent in February compared to January, 2010, going from $238,000 down to $219,100, according to statistics from the Florida Association of Realtors. The median price reflects half the homes selling for more and half selling for less. This puts single family home prices about where they were in January, 2003.
The number of single family homes sold in Palm Beach County increased slightly in February compared to January 2010. There were 560 homes sold in February compared with 546 homes sold in January, an increase of 2.5 percent.
The median price of condos in Palm Beach County increased slightly in February going to $96,700 from $93,700 in January. And the number of condos sold increased 16 percent in February compared to January, going from 585 condos sold in January to 698 sold in February.
From January 2010 through late March about 3,767 homes sold in Palm Beach County according to the Regional Multiple Listing Service. The overwhelming majority of the homes sold (3,005) were priced at or below $300,000. And just 562 were priced between $301,000 and $600,000.
In late March, 2010 there were more than 22,000 homes on the market in Palm Beach County making it very likely that buyers will find the homes they are seeking at competitive prices.
The Weiss-Clawson Team researches real estate market prices and trends in communities throughout Palm Beach Gardens and Palm Beach County to provide the most up to date information for our clients. We are optimistic about the 2010 real estate market. We closed three homes in January & have four more under contract. In 2009 we closed 29 homes totaling nearly $11 million in sales. If you are interested in buying or selling a home in Palm Beach Gardens, West Palm Beach or throughout Palm Beach County, The Weiss-Clawson Team would like to work with you. You are welcome to contact us directly. We look forward to hearing from you and to working with you.
