Florida Home Buyers and Investors Blog

January 2009/2010 Palm Beach County Housing Market Statistics:

Condos under contract:

2009: 344            2010: 716  108.1% increase.  We feel the increase in condos under contract is the large number of foreclosures and short-sales in this market, unfortunately the majority will not close due to lack of financing for this product.

Condo Units Sold:

2009: 230            2010: 288  25.2% increase in number of units sold.  The number of investors in the market is contributing to the greater volume in Palm Beach County sales.  These are mainly cash transactions.  December 09- January 2010 volume decreased signifigantly from 444 in Dec09 to 288 in Jan2010.

Condos Median Price Sold:

2009 $65,500       2010: $65,000  .8% decrease in values.  This is a good sign that condo prices are remaining steady, but vlaues are down considerably from 2006-2008 levels.

Residential Single Family Homes Under Contract:

2009: 597            2010: 995    66.7% Increase in homes under contract is similar to the condos, with high under contract numbers, but low actual closings.  Again, this is a factor of the Short-Sale problems that will remain for some time.

Residential Single Family Homes Units Sold:

2009: 404           2010: 415    2.7% Increase in units sold.  Another good sign that people are buying.  The majority of homes sold are in the lower end of the market and purchased unsing government FHA financing.  December 09- January 2010 volume decreased signifigantly from 782 in Dec09 to 415 in Jan2010.

Residential Single Family Homes Price Sold:

2009: $219,000    2010: $238,000   8.5% Increase.  This is a good sign that prices are remaining consistant and in some cases increasing.  My opinion is the increase in prices is due to the lack of good inventory, and banks holding the line on prices.  Remember, the banks control the inventory and price.

We are continuing to struggle through the recovery, but there are some positive signs.  Lets hope things continue on the path.

I'm here to help!

Craig Fialkowski GRI, CDPE

Herman Group Real Estate

 

Posted by Craig Fialkowski on February 5th, 2010 12:23 PMPost a Comment (0)

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