Market Report - October 2010
PALM BEACH GARDENS HOME PRICES DOWN 45% FROM PEAK;
BUYERS - THIS IS YOUR TIME!
Palm Beach Gardens home prices and sales remained flat in August, 2010 compared with a month earlier, giving buyers continued opportunities to sign great deals throughout the area. Palm Beach Gardens and Palm Beach County home prices today are about 45 percent less than they were in June, 2006, at the height of the market. With interest rates among the lowest on record, the inventory of homes on the market high and sellers anxious for sales, buyers are acquiring homes at prices unheard of just a few years ago. The median price of single family homes sold in Palm Beach County in October 2010 was $221,200, about 45 percent less than peak median pricing of $405,500 for a single family home in June, 2006, according to statistics released today by the Florida Realtors Association. Homes that were once selling in the mid-$500,000's can now be purchased in the $300,000's Large numbers of foreclosures, short sales and distress sales have contributed to the price drop. In addition, there is a significantly larger number of lower priced homes being sold than higher priced homes, so the median price is continues to decline.. At the same time that prices continue downward, the number of sale has begun to decline. The number of single family home sales in October 2010 was about 10 percent fewer than in September 2010 and 14 percent lower than in October 2009.
With the winter season fast approaching, more homes will come on the market as seasonal owners return. While sales statistics vary in each community, there are great deals to be had throughout Palm Beach Gardens.
The Weiss-Clawson Team researches housing market trends 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, please contact The Weiss-Clawson Team directly. We look forward to hearing from you and helping you with your real estate interests.
