Sales of single family homes in Palm Beach Gardens and throughout Palm Beach County reached nearly 1200, the fourth consecutive month where sales exceeded 1000 units this year.
At the same time, the median price of a single family home dropped four percent from May sales and 12 percent from sales of June 2010.
The median price of a single family home sold in Palm Beach County in June was $204,900, according to the Florida Association of Realtors. In May it was $214,000, but back in March it was only $186,500, the low point for the year so far.
Similarly, prices for condos in Palm Beach County continue to tumble while sales remain brisk. The median price of a condo in the country was $76,300, about 10 percent lower than prices in May and 20 percent lower than in June 2010. Condo sales topped 1200 for the fourth consecutive month.
Overall there are more condos being sold in Palm Beach County than single family homes. Perhaps that is why a snapshot of sales in Palm Beach Gardens through early August shows fully 71% of real estate sold was priced at $300,000 or below. Just .05 percent of the sales were priced at $1 million or more.
If you are interested in buying a home in the area, it is a very good time to be working with your realtor. Inventory remains high and prices are low. There are still a sizeable number of short sales and foreclosures in many communities that are depressing prices.
For sellers it is discouraging to know that their updated, well kept home is competing in price with homes that are abandoned, outdated or messy. But homes under contract must appraise to market value for the sale to occur.
Cash buyers should insist on an appraisal contingency in the contract meaning they will pay for an appraisal and if the value of the home comes in lower than the contract price the deal will die or be renegotiated.
Banks financing mortgages require an appraisal. The bank will lend 80 percent of the appraised value of the home when the buyer provides 20 percent down payment. If the house appraises lower than the contract price the mortgage will be denied, or the seller must lower the price to meet the appraisal.
The Weiss-Clawson Team regularly researches sales and market information in communities through Palm Beach Gardens and West Palm Beach to provide the most up to date information to our clients. If you are interested in selling or buying a home in Palm Beach County, we would like to work with you. Please contact The Weiss-Clawson Team directly.
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