Market Report - March 2011
PALM BEACH GARDENS HOME SALES INCREASE
AS PRICES CONTINUE TO DECLINE
Home sales in Palm Beach Gardens and throughout Palm Beach County increased significantly in March, 2011 compared with February sales, but prices continue to plummet and have now reached levels not seen since 2002, according to statistics released today by The Florida Realtors Association.
More than 1100 single family homes were sold in Palm Beach County in March compared with just 738 homes sold in February, an increase of about one-third. At the same time, the median price of a single family home in the county dropped to $186,500, nearly 10 percent below February prices and down almost 25 percent from a year earlier.
The buyer’s market continues as fabulous deals can be found in almost every community throughout the area.
Distressed home sales -- foreclosures and short sales -- continue to dominate the market in many communities resulting in depressed prices. And the majority of homes sold in recent years have been the lower priced properties.
As a point of reference, the median price of a single family home in Palm Beach County, now $185,500, is down 55 percent from the highpoint in October, 2005 when the price soared to $416,500.
Condos within the County have fared even worse. While condos sales increased 32 percent in March compared with February, prices continued to slump, dropping to a median price of $75,600. That is a decline of 66 percent from the high point in condo prices found in March, 2006 at $224,600.
While declining prices are delighting buyers, sellers continue to fret about the prices they can achieve for their homes. If you are selling a home in today's market, it is important to work with a knowledgeable realtor who has a handle on market prices in your community.
The Weiss-Clawson Team researches market prices in most communities throughout Palm Beach Gardens and Palm Beach County. If you are buying or selling a home in the area, we would like to work with you. Please contact The Weiss-Clawson Team directly. We look forward to hearing from you.