PALM BEACH GARDENS HOME PRICES DOWN MORE THAN 20 PERCENT SINCE 2005: GREAT TIME TO BUY

Home prices in Palm Beach Gardens and throughout Palm Beach County, have declined about 23 percent since the highest price point was achieved in 2005.  At that time, the median price of a single family home in Palm Beach County was $421,500.  Today that figure is $323,300.  The median price reflects half the homes selling above and half selling below the stated number.

If there is a bright spot in this news, it is the fact that from January 2008 through August 2008, sales prices declined just 6 percent.  And there were some months where prices increased, but the increases were not able to sustain. Prices have been up and down throughout the year. We hope that this indicates prices may be bottoming, but we need to look at sales during the next four to six months, when we will be at the height of the season, to get a better read on price trends.

It is still a wonderful time to buy a home in Palm Beach Gardens and throughout Palm Beach County.  The selection of homes on the market is fantastic and prices are down.

In Palm Beach County there are about 30,000 single family homes, townhouses and condos on the market today, compared with about 12,000 - 15,000 homes on the market in more normal times.  And homes are generally staying on the market longer as buyers view many more properties and seek the best deals available. Sellers are looking at offers with greater seriousness, even low offers. 

In two communities that I follow closely, price declines are similar to the county-wide numbers.

 Ironhorse Country Club has seen a 22 percent decrease in home prices since 2006 when the average dollars per square foot was $226 for the 15 properties that sold.  Today average dollars per square foot is $177 for the seven homes that sold in Ironhorse between January 2008 and early October 2008. 

The Ironhorse sales included a foreclosure and a short sale.  Both tend to bring overall prices down, but most communities have foreclosed and pre-foreclosure properties and this is hurting property values throughout the country.

Steeplechase is feeling a 25 percent decline in dollars per square foot from the high point of $331 in 2006 down to $246 for the seven homes that sold in 2008 through early October.  The Steeplechase sales included one foreclosure and one "tear-down" both factors in the price decline.

Despite the downturn in home prices, The Weiss-Clawson Team continues to provide buyers and sellers throughout the area with outstanding customer service from initial client consultation through to the closing table regardless how long the search or sale process may take. Contact us directly.  We will be there for you throughout your transaction.

                          WE WANT YOUR BUSINESS .....  WE'LL EARN YOUR TRUST 

• Rate this Post!

  Select Your Rating:

  • 5 Stars (Excellent!)
  • 4 Stars
  • 3 Stars
  • 2 Stars
  • 1 Stars (Poor)

• Share this Post

  Share With A Friend:

  Your Name Your Email

  Friend's Name Friend's Email

  Optional Message

  Send

• Print
• Social Bookmarking

  Add to Bookmarks: