August Single Family Home Sales in Hobe Sound Drop Again
Another month rolls on, summer is now officially in the rear view mirror, as we start off the fall season looking back at sales during August in the north county area. This month we are going to start giving our “power rankings” of the different municipalities and will post the blogs starting with the lowest ranking and continuing through the star of the month. So here for our first ever power rankings are the results for August;
#1 North Palm Beach
#4 Palm Beach Gardens
#5 Juno Beach
#6 Hobe Sound
We start off this month’s report with the #6 ranking and Hobe Sound which was the only municipality that showed a decrease in August over the previous month. That being said they only were down one unit from the July numbers but are down about 20% from the 12 month average which stands at 20. As of this morning our MLS system shows a total of 16 successful closings in August which was only 1 fewer than the 17 sales in July and tied with the same number we had in August of 2010. It was the third decline in 4 weeks so the trend is not our friend at this time.
While sales levels were down they were also heavily weighted in the below $300,000 price category which weighed in with 75% of all sales. On the good news front we did see some strong closings in the $1,000,000+ category with 3 sales representing 19% of the market. The second chart shows the percentage of sales by price category for the month of August.
With many sales in the lower pricing segments we should expect weak median sales prices figures and that is what we got setting a brand new 12 month low. August numbers came in at $172,500 which is the lowest monthly number we have seen since we started tracking these numbers and still being held down by the foreclosure market. We were also solidly below the $285,750 median price we enjoyed in August of last year and the 12 month average of $251,138. We were very happy to report last week that foreclosure numbers were down for the 4th consecutive month which is the first step in getting prices to move higher. The final chart shows median prices on a monthly basis over the previous 12 month period.
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