The November real estate figures came out right before the holidays and the news is good. Pending sales are up significantly and our company, Illustrated Properties, had it’s best month in pending sales in 5 years! Year to date overall pending sales were up over 27% from 2009 and over 65% from 2008. Combining this with the fact that new listings have remained relatively flat throughout 2010 means that buyers have less and less to choose from.
Contrary to the pending versus new listing figures, which would indicate less supply and more demand (I.e. higher prices), prices continue to drop as both the average and median prices in Palm Beach County were down. The median price is down almost 12% from a year ago and almost 35% from two years ago. The correlation between all this is that lower priced homes are selling more than higher priced homes, no surprise there. On the front line we are seeing that among the higher priced homes the ones that are priced right and have done the moderate sprucing up to make it show well are also selling. It just seems to take a bit longer than it used to (with the days on market hovering around 180 days - list to close).
There are more details available on specific municipalities and areas. If you’re interested in more details or want a copy of the entire report, let us know we’ll be glad to supply them.
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