After strong December sales Hobe Sound single family sales drop to a 12 month low during January.
After a great month in December for single family home sales in Hobe Sound where closings doubled from the previous month and were very near the best levels we had seen in a year, January was downright gloomy. In fact sales fell about 65% and hit a new low for the past 12 month period. During January our local MLS system shows a total of 10 successful closings as of this mornings’ update. That compares with 28 sales in December and again the lowest monthly total we have seen in a long time.
Sales last month were not only very weak but they were also all below $300,000 with one exception and that was a home on Sandshoal that sold for $349,900. We had been seeing some very good sales in the luxury housing categories the past few months but they were nowhere to be found last month. The chart below shows the percentage of sales by price category for the month of January.
With sales falling almost entirely into the lower price categories it is no surprice that the median price for the month also dropped like a rock. In fact, we fell from the $334,500 in December, which was one of the higher totals of the year way down to $191,000 which is by far the lowest we have seen over the previous 12 months. The previous low was way back in June 2010 and that month we were at $240,000 a full 25% above last month's prices. With the season in full force I was expecting a much stronger showing but we hardly experienced that and am hoping for much better things in February. The chart below shows median prices by month for the preceding 12 month period.
I watch these market trends very closely as the data is very important to our clients, whether they are buying or selling, to paint a picture of where the market may be heading. If you would like any additional information on a specific home, neighborhood, or community please feel free to contact me. I am easily reached at 561 308-0175 or via e-mail at email@example.com and would be happy to be of assistance with any of your real estate questions. After just one call you will know why "Results Driven Real Estate" is your top choice for professional real estate services in Hobe Sound and the surrounding areas.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty