What has caused such a stir in our local market? The median home price fell 34 percent in Palm Beach County from a year ago. Palm Beach County had increase home sales in seven of the past eight months as buyers have taken full advantage of unprecedented bargain prices on distressed properties. The area’s housing slump continues into our fourth year, as an increasing number of short sales and foreclosures are expected to flood the market further. This “toxic inventory” is expected decline home prices even further through 2009 and most likely into 2010.
Existing condominium sales also saw a positive upswing of 10 percent from a year ago. However, the medium condo price fell 36 percent. Currently Palm Beach County has 27,907 active homes, town homes and condos for sale, down 6 percent since the end of November.
Although sellers are not happy to hear the news that their properties continue to lose value. Buyers sitting on the sidelines say “this is the time to buy”. We have a noticed significant amount of local and out-of-town buyers express genuine interest in getting back into the market and actively search for property. Most of our clients are cash buyers and have commented they are concerned with the volatility of the stock market and feel more comfortable investing their money into tangible assets they can enjoy!
A Transaction Brokerage Team
Representing Both Buyers And Sellers
The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale. All information is derived from the Palm Beach County Property Appraisers website and the MLS.
All information is derived from the Palm Beach County Property Appraisers website and the MLS.