Condo market not as strong as we would like
We seem stuck on news that favors the single family home market when direct comparisons with the condominium market are made. This morning we are happy to report that sales of condos in Palm Beach Gardens and the northern Palm Beach County region have improved over the past 30 days. But certainly not as strong of improvement that we would like to see.
As of this morning, we have a total of 83 condominium sales in the region for the month ending March 15th. This is up 3 units, or 3.75%, from the 80 sales that we reported one month ago. Good news, yes. Great news, definitely no. Not when you consider where we were a year ago. Last year we reported sales over the same period exceeded 100 units. Not when you consider the 12 month average monthly sales volume sits at 103 units. Not when you consider the snowbird factor that usually gives us a nice boost this late into the season. Not when you consider that interest rates have been held back to levels that have single family home buyers reacting positively. Not when you consider the strength we have seen in pending homes sales. Not when you see the single home buyers actively boosting those numbers.
But here we are, an increase in sales but nothing to be really happy about. We still sit at the 3rd lowest monthly sales number we have seen in well over a year. Snowbirds will be heading north soon. Interest rates are up this week rather dramatically on the heels of the Fed's Wednesday announcement. And locally condo sales seem stuck in the sand. The next three months should bring higher sales based on historical and seasonal factors so watch we will. Hopeful we will remain.
If the recovery has legs it is time for the condo market to stand up and show us more than what it has. If not we may have a long summer heading our way. Always interesting, always fun.