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Condo Sales In Palm Beach Gardens Pick up......Slightly

By
Real Estate Broker/Owner with Paradise Sharks BK3087579

Condo market not as strong as we would like

We seem stuck on news that favors the single family home market when direct comparisons with the condominium market are made. This morning we are happy to report that sales of condos in Palm Beach Gardens and the northern Palm Beach County region have improved over the past 30 days. But certainly not as strong of improvement that we would like to see.



As of this morning, we have a total of 83 condominium sales in the region for the month ending March 15th. This is up 3 units, or 3.75%, from the 80 sales that we reported one month ago. Good news, yes. Great news, definitely no. Not when you consider where we were a year ago. Last year we reported sales over the same period exceeded 100 units. Not when you consider the 12 month average monthly sales volume sits at 103 units. Not when you consider the snowbird factor that usually gives us a nice boost this late into the season. Not when you consider that interest rates have been held back to levels that have single family home buyers reacting positively. Not when you consider the strength we have seen in pending homes sales. Not when you see the single home buyers actively boosting those numbers. 

But here we are, an increase in sales but nothing to be really happy about. We still sit at the 3rd lowest monthly sales number we have seen in well over a year. Snowbirds will be heading north soon. Interest rates are up this week rather dramatically on the heels of the Fed's Wednesday announcement. And locally condo sales seem stuck in the sand. The next three months should bring higher sales based on historical and seasonal factors so watch we will. Hopeful we will remain.

If the recovery has legs it is time for the condo market to stand up and show us more than what it has. If not we may have a long summer heading our way. Always interesting, always fun.


Fins up.........


Tom Priester

Principal Broker

Paradise Sharks Real Estate

Direct Line 561 308-0175
tom@tompriester.com

www.paradisesharks.com

Comments (3)

Bruce Swedal
Denver, CO
Denver Real Estate

Love your detailed report on the areas real estate market. Any buyer or seller in the neighborhood should defintely call you.

Mar 21, 2014 11:47 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Tom, may be, people prefer single family homes now. And inventory is also low - so it shows up in the report differently.

Mar 21, 2014 11:48 PM
Tom Priester
Paradise Sharks - Jupiter, FL
Paradise Sharks

Bruce thank you for the kind words! Praful our inventory levels in the northern Palm Beach County have been climbing month after month after month since July of last year. Inventory levels are at multi-year highs and thankfully as of March 15th the climb has stopped as inventory was pretty much unchanged over the past 30 days. No doubt much of what is out there is priced too high but lack of inventory is not a problem we have around here. A lack of quality inventory maybe.

Mar 22, 2014 01:59 AM