PALM BEACH GARDENS HOMES SALES CONTINUE STRONG AT END OF 2011 AS PRICES STABILIZE

There were about 20 per cent more single family homes sold in Palm Beach Gardens and throughout Palm Beach County during the first 11 months of 2011 compared with 2010 sales. And while prices have not started to increase during this period, they seem to have stabilized as 2011 ended.

Throughout the fall of 2011, the median price of a single family home in Palm Beach County fluctuated from $180,300 in September up to $184,900 in October and then to $183,700 in November, the most recent month for numbers reported by the Florida Realtors Association.

Just about half of the nearly 800 homes sold in Palm Beach Gardens through November 2011 were priced at or below $300,000.

This is a reflection of the dramatic price declines in real estate throughout the area since the last boom year of 2006. In the past five years, prices of single family homes throughout Palm Beach County declined about 55 percent. Prices today are about where they were in 2002.

Part of the price decline can be attributed to a flood of short sales and foreclosures to hit the local market over the past few years, but many in the business lived through price increases of 20% to 25% per year in some communities and knew that pace could not sustain.

Yet it remains an outstanding time for buyers to locate and purchase a fabulous home for relocation, vacation, or investment purposes. Two bedroom, two bath condos can be bought at prices below $100,000 in West Palm Beach. And homes in some gated country club communities are now starting in the $100,000’s.

The Weiss-Clawson Team researches prices and market trends in many communities throughout Palm Beach Gardens and 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 County, please contact The Weiss-Clawson Team directly. We look forward to hearing from you and to working with you.