Trend reporting has its place keeping in mind that real estate is such a local business. When trending covers a large area, like the nation, the averages have little meaning to the individual. It this case the trend reports are for condos in Palm Beach County, Florida which narrows the results enough to give them some credibility.
The following graphs give a good indication as to the increase in activity for the condominium market in Palm Beach County.
The first graph is the number of units under contract shown on a monthly basis over the past two years. The upward trend is evident demonstrating that the buyers are back in the market. In fact there has been a 104 percent increase in contracted units over the last two years.
To further support the increase in real estate sales are two additional graphic showing the trend for the median price sold and the monthly condo inventory. One will easily notice two important trends, first on the median price sold graph…
… the condo prices are dropping. Market reality is coming into focus and the Sellers are aligning their expectations with the Buyers. The second graph shows the inventory decreasing; in fact there has been over 66 percent decrease in inventory in the last two years.
These trends relate directly to the Singer Island, Florida condo market. Owners who do not need to sell, are taking their property off the market and those that have to sell are reducing their prices. On Singer Island, pending contracts have been trending upward for the last several months, mainly in the $500K and below range. As this price range sells off and the inventory decreases, activity is shifting to the $500K – $1 million price range. There has been increasing activity in the $800K range this last month. As this trend continues, one should expect the next push to be in the $1 million plus range.
The encouraging part is that all of this activity is happening in the normally slow time of the year with “Season” still to come.
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected]