Market Report - Mar 2010
PALM BEACH GARDENS HOMES SALES AND PRICES SPIKE
WITH SOME COMMUNITIES FARING BETTER THAN OTHERS
Home sales and prices in Palm Beach Gardens and throughout Palm Beach County increased significantly in March with buyers take advantage of prices not seen since 2003.
The number of single family home sales in Palm Beach County in March increased by 33 per cent over February sales with 843 homes closing during the month. The median price of a Palm Beach County single family home also jumped 11 percent in March compared to February, going from $219,100 up to $246,100.
Condo sales saw similar increases in March, but the median price of a Palm Beach County condo declined about six percent in March going from $96,700 down to $90,900. These are the most recent figures from the Florida Association of Realtors.
The number of homes for sale in Palm Beach Gardens is slowly decreasing with about 1500 single family, townhouses and condos on the market at the end of April, according to the Regional Multiple Listing Service. About half of those properties on the market are priced at or below $300,000 making ownership affordable to more people. Through the end of April more than 400 homes were sold in Palm Beach Gardens with over 60 percent of them priced under $300,000.
In Ibis Country Club there were 25 homes sold this year through April with 14 of those priced under $300,000, including a two bedroom/two bath unit at $159,000 and a three bedroom/two bath unit at $110,000. In PGA National 68 homes sold with 41 priced under $300,000. In lronhorse Country Club there were five homes sold with four priced under $300,000 and at Breakers West three homes sold with none priced under $300,000
Palm Beach Gardens' area country club communities have been hit hard by declining sales prices and lower sales volume, but in some communities sales are starting to increase indicating price points may be near bottom. In Ibis, lronhorse and PGA National the number of sales through April, 2010 are higher than during the first four months of 2009. At Breakers West they have remained steady.
In three estate communities of Palm Beach Gardens, Steeplechase, Mirabella and San Michele, total sales in 2010 are slightly behind 2009 sales. But looking at the individual communities, there were four sales in Steeplechase through April, 2010 compared with just one sale during the period in 2009. In San Michele there was just one sale through April 2010, the same as in 2009. But sales declined in Mirabella going from 10 sales during the first four months of 2009 down to six sales for the same period in 2009.
The Weiss-Clawson Team researches housing sales in Palm Beach Gardens and throughout Palm Beach County to provide the most up to date information to our clients. If you are interested in buying or selling a home in Palm Beach County in the next few months, we would like to talk with you. Please contact The Weiss-Clawson Team directly. We look forward to hearing from you and to working with you.
