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Local Condominium Sales up Over 40%

Local Condominium Sales up Over 40%
Local Condominium Sales up Over 40%
Tom Priester

Sales number back up to 11 month highs

It was certainly nice to take a couple days away to celebrate Easter but it is great to be back at the helm of Paradise Sharks this morning. If there has been one segment of the northern Palm Beach County real estate market that has been disappointing over the winter months it would no doubt be condo sales and prices. Sluggish at best and this was the segment that was leading the pack with a robust performance up through June of last year.

But the numbers don't lie and the fact is we had sales below the 12 month average almost every month since June of last year. But what a turn around to report this month as condo sale as of April 15th were up over 40% from month ago numbers. The winter months are typically strong as our winter visitors are buying. And this year they were buying; single family home sales were fantastic. But condo sales over the first quarter of 2014 lagged those of 2013 by more than 15%. But with these numbers condos have decided to join the rest of the market in what has become an amazing turnaround. This month sales numbers zoom back to 27% above the 12 month average. It is wonderful news.

Sales and prices of single family homes have been increasing at an incredible pace. Interest rates have been going nowhere with a tug of war that is really amazing to watch. So very good to see condo sales number pick up strongly to join the party. My bet is this means the monthly pricing declines we have seen in the local condo market will be ending after a 6 month losing streak. Always interesting, always fun.

Fins up..........

Tom Priester
Principal Broker

Paradise Sharks Real Estate