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Market Report - May 2010
PALM BEACH COUNTY HOME SALES INCREASE
WHILE PRICES STABILIZE AT 2003 LEVELS
Home sales in Palm Beach Gardens and throughout Palm Beach County increased 17 percent in May, 2010 compared with a year earlier, but were down slightly from April, according to statistics from the Florida Association of Realtors. At the same time, the price of single family homes appears to have stabilized, slightly lower than April figures, but about the same as prices of a year ago and right about at the 2003 price level for single family homes. This is a wonderful time to buy a home!! There were 887 homes sold in Palm Beach County in May, 2010 compared with 737 homes sold in May, 2009. But in April there were 918 homes sold. The number of homes sold is approaching sales figures from the 2003 time frame when sales exceed 1000 homes a month. The increase in sales figures is largely attributed to both low mortgage interest rates and federal tax incentives, expiring at the end of June, for many homebuyers. Homes had to be under contract by the end of April and close by June 30 to take advantage of up to $8,000 in tax credits. More than three quarters of the homes sold in May were priced at or below $300,000. The median price for a single family home in Palm Beach County in May was $235,700, slightly below April’s figure of $239,100 and a little above the May 2009 median price of $232,900. In May 2003, the median price of a single family home was $224,300. By June 2003 the figure jumped to $250,600. All real estate is local and some communities are experiencing increased sales and higher prices than in 2009, while in other communities, prices continue to decline. In Palm Beach Gardens the low to medium priced single family home communities of Garden Oaks, Crystal Pointe and Frenchmen’s Landing have all seen prices increase in 2010 compared with 2009, ranging from a two percent increase at Crystal Pointe to an 11 percent increase in Frenchmen’s Landing. In Ironhorse, sales are up significantly with 11 homes closing through late June, 2010 compared with 11 homes sold through all of 2009. But prices continue to fall, dropping 20 percent since 2008. The average price of 2010 sales to date is $137 per square foot compared to $172 per square foot in 2008 and $159 per square foot in 2009. In Steeplechase, sales are also up dramatically with six homes sold through late June 2010 compared with just two homes sold – a tear down and a foreclosure – in 2009. Prices continue to decline at a slower rate than many communities, dropping 10 percent since 2008. The average price of 2010 sales to date is $222 per square foot compared with $246 per square foot in 2008. The Weiss-Clawson Team continually researches sales prices and activity 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 Gardens or Palm Beach County, please contact The Weiss-Clawson Team directly.
