PALM BEACH GARDENS HOME SALES AND PRICES INCREASE IN JUNE: IS BOTTOM NEAR?

The number of homes sold in June in Palm Beach Gardens and throughout Palm Beach County increased significantly as did the median price of single family homes in the county.

For those who have been waiting for the bottom of the market, it may be here or near.

More than 850 Palm Beach County single family homes sold in June, 2009, an increase of 15 percent over the number sold in May and more than double the number sold in January, according to statistics released by the Florida Association of Realtors.  Each month, from January through June, has seen an increase in the number of homes sold this year.

The median price of a single family home in June was $250,300 an increase of seven percent over the May price.  The median price reflects half the homes sold for a higher price and half sold for a lower price.  In January, the median price of a single family home was $232,100 and prices remained reasonably stable until June's seven percent increase. We have not seen a median price near $250,000 this year.  Back in November 2003 the median price for a single family house was $252,800, very similar to what it is today.

The condo market is also seeing a resurgence.  The number of condo sales in Palm Beach County is up nine percent in June, 2009, compared to May and up 23 percent compared to June, 2008. 

Condo prices are also climbing with the median at $116,400, an increase of about eight percent from May.  Condo prices seem to have bottomed at about $98,200 in April and have been climbing since then.

The numbers bring optimism that we may be crawling out of our housing doldrums.  Significant price declines plus such incentives as low mortgage interest rates and an $8000 tax incentive for first time homebuyers are at least partially responsible for the resurgence in the housing market. 

The heaviest activity is in the lower priced homes. In Palm Beach Gardens more than half the homes sold during the first six months of 2009 were priced at or below $300,000. 

The Weiss-Clawson Team closely follows market trends throughout Palm Beach Gardens, West Palm Beach and all of Palm Beach County.  We provide critical pricing information to our clients to help them better position their homes for sale or complete a competitive offer on a new home.  We look forward to hearing from you and to working with you.

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