Real estate prices in Palm Beach Gardens, West Palm Beach and throughout Palm Beach County continue to tumble according to September sales figures released by the Florida Association of Realtors.
The median price for a single family house fell below $300,000, settling at $292,200, a 15 percent drop from January prices in Palm Beach County.
The median price for single family homes in Palm Beach County fluctuated throughout the year, hitting a high of $344,600 in February and a low of $291,300 in July. Today's number mirrors prices in May, 2004 meaning that if you bought a home four years ago, it is unlikely you have realized any price appreciation.
The numbers also indicate the Palm Beach County real estate market has not reached its bottom point. Factors causing the continued price decline include the soaring number of short sales and foreclosures in almost every community throughout the region. These properties, often priced below market value, are hurting property values in most communities throughout Palm Beach County and the nation. And recent news reports indicate that the number of homes in some form of foreclosure is increasing.
As seasonal residents return to Palm Beach County, we can expect more homes to be placed for sale in an already overstocked market putting further downward pressure on prices. There are currently about 30,000 single family homes, condos and townhouses on the market in Palm Beach County, about double the number of a normal market.
For buyers it is an extraordinary time to purchase a home, and it is even more important to be represented by a realtor who is knowledgeable about market trends and will research sales for you before you make an offer.
The Weiss-Clawson Team stays up to date on all real estate price trends within Palm Beach County and its hundreds of communities. We will provide important information to you as you select your home and decide upon an offer price. And we will be with you every step of the way, from initial consultation to the closing table. Contact The Weiss-Clawson Team directly if you are interested in buying or selling a home in Palm Beach County.
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