Whenever we see a dramatic one month fall in sales volume we expect some volatility in median sales prices. It can be either up and down. In 2016 the median single family home price in the Northern Palm Beaches moved higher by 4.3% in July. They were up again last year. In 2013 they were down and the same was true in 2014 and 2015.
So, it really should not be a huge surprise that as of August 1st we have seen a fairly significant $13,000 drop in the median single family home price over the past month. The drop takes the median price of a home in the Northern Palm Beaches to $480,000 and that is the lowest they have been since way back on March 1st.
So far in August, we are seeing pricing pressure for single family homes to be moving higher but we still have 3 weeks to go. Interest rates are down 5 basis points this week which is great news for the housing market.
As always, when doing anything with real estate seek information. Get educated, not sold, and if Paradise Sharks can ever be of help please feel free to contact us at 561.308.0175 or firstname.lastname@example.org.