Palm Beach Gardens Home Prices Down Nearly 50% From Highest Level of 2006; Buyers Find Bargains Galore

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Home prices in Palm Beach Gardens and throughout Palm Beach County are now nearly 50 percent lower than they were in mid-2006 when they reached the highest price point. With the median price for a single family home now $208,400 in Palm Beach County, buyers are finding extraordinary opportunities throughout the area.

In June, 2006 the median price of a single family home in Palm Beach County was $405,000. That $400,000 home is now selling for just above $200,000 and is often a short sale or a bank owned property. The flood of distressed home sales in Palm Beach County has continued to drive prices down. And it puts sellers of homes that are not distressed at a disadvantage. Home prices today are less than they were in 2003 and in November, 2010 prices fell to the lowest level of the year, according to statistics released by Florida Realtors.

The number of home sales in Palm Beach County for November, 2010 is down about four percent from October and down five percent from a year ago.

The condo market felt a similar tumble as November prices declined 12 percent from a year ago and also reached the lowest level of the year. The number of condo sales however increased about 12 percent from a year ago and remained about the same as in October.

The median price for a Palm Beach County condo was just $79,100 in November, nearly two-thirds lower than the median price of $224,600 in April, 2006. There are fantastic deals on condos throughout the area and buyers are beginning to take advantage of this tremendous price decline.

The Weiss-Clawson Team researches real estate market trends in communities throughout Palm Beach County to provide the most up to date information for our clients. If you are interested in buying or selling a home in Palm Beach Gardens or throughout Palm Beach County, please contact The Weiss-Clawson Team directly. We look forward to hearing from you.

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ForeclosureDataBank

The only way prices will go back up is if we had more buyers to buy foreclosure homes and if the rate of homeowners going into foreclosure would drop. The market will stay under for a while.

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