Sales of homes in Palm Beach Gardens and throughout Palm Beach County are increasing as prices continue to decline, according to the most recent home sale statistics released by the Florida Association of Realtors.
More than 700 single family homes sold in May, 2009 throughout the county, an increase of about eight percent over the number of homes closed in April and a five percent increase over May of 2008.
But home prices continue to fluctuate and may not yet have reached a bottom from which to begin rising. The median Palm Beach County single family home price for May was $232,000, the same as it was in January and about one percent lower than it was in April. But the price is 30 percent lower than the median single family home price of May, 2008 which stood at $330,900.
Single family home prices in Palm Beach County are about where they were in the spring of 2003.
This is a tough story for home sellers, especially those who bought their property during the past five or six years. But it is a bonanza for buyers. Experience from the front line is that homes are selling if they are priced right and if buyers believe they are getting a good deal. There are still sufficient homes on the market so that buyers will compare homes against each other.
The Weiss-Clawson closely follows real estate sales in most Palm Beach Gardens and West Palm Beach communities. Here is a picture of homes on the market and sales in several communities:
In Ironhorse Country Club today there are 36 homes on the market with five currently under contract. Those under contract range in price from $375,000 up to $675,000. Two of the homes are short sales. There have been three homes sold in Ironhorse between January and June 2009, two priced in the $300,000's and one in the $700,000's
In Ibis Country Club there are 203 homes on the market today with 17 under contract. There were 41 homes sold in Ibis through June with 25 priced below $500,000 and 16 priced above $500,000.
The homes that are selling are often the lower priced properties in a community. About 62 percent of the homes sold in May throughout the county were priced at or below $300,000. Home sales in the higher brackets are stagnant.
In Steeplechase there are 19 homes on the market today and none are under contract. Only one house has sold in Steeplechase through June and that was a foreclosure which was purchased for $435,000.
In San Michele there are 17 homes on the market with just one under contract. Through June only one home in San Michele sold. It had been on the market for nearly 600 days, was originally priced at $1,149,000 and sold for $832,000.
The Weiss-Clawson Team has sales information available for every community throughout Palm Beach County. If you are interested in buying or selling a home, or have friends or relatives interested in local real estate, please contact The Weiss-Clawson Team.
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