PALM BEACH GARDENS HOME PRICES CONTINUE DECLINE AS SALES INCREASE; INVENTORY IS LOWER

Home prices in Palm Beach Gardens continued to decline in October as the number of sales increased and fewer homes were on the market than a month earlier.

The downward trend in home prices is indicative of both the large inventory of homes available and the abundance of foreclosures and short sales occurring at below market prices.

Yet signs are there that buyers are beginning to purchase homes that are a good value and are in good condition.

The median single family home price in Palm Beach County for October was $264,600 down nearly 10 percent from the September median price and down about 15 percent since January, according to statistics released by the Florida Association of Realtors.   Single family home prices in Palm Beach County continue to retreat with the median now equal to what it was in January, 2004.

The median price for a condo in Palm Beach County in October was $158,900. nearly 14 percent higher than the September median price and just about where prices stood in January.

The number of single family home sales increased 18 percent in October over September, 2008 and increased 37 percent over sales a year earlier.

And we are seeing fewer homes on the market today than we found a month earlier with about 27,600 units for sale in Palm Beach County compared with about 30,000 homes for sale in September.  In Palm Beach Gardens there are about 1600 homes for sale at the end of November compared with about 2000 a month ago.

This is indicative of buyers moving forward with their purchases and, in some cases, sellers just taking their homes off the market until prices improve.

The Weiss-Clawson Team does extensive research on market prices and trends throughout Palm Beach Gardens, West Palm Beach and Palm Beach County.  We will provide market price information on specific communities, such as Ironhorse Country Club, Steeplechase, Ibis Country Club, Mirasol and many other communities on request.

Please contact us directly for your real estate needs.  We look forward to hearing from you and to working with you.