Sales in North County drop 38% in one month
Wasn't it just yesterday we published an article titled "Local Condo Prices Continue to Soar"? In fact, they were up to the highest levels we have seen in six years and heading towards a 3rd straight year of triple digit gains. Something that has never happened in the northern Palm Beach County region. Ever. We told you all that was needed was a decent summer with buyers writing contracts. We told you things would chill a bit. But %$.
Last month at this time we reported buyers came through with more condo sales in the region than we had seen since May of last year. Big numbers. We thought they would slow this month; maybe 15%. But the numbers are in and we did far worse with 38% fewer sales as of the June 15th data. The slowest sales month since February and 5th slowest over the past 12 month period. The 30 day numbers were just about 9% below our moving 12 month average.
As we kick off what is historically 3 of the slowest months for condo sales in the area we were hoping to bring you better news this morning. But we just don't have it. Devastating news? Hardly. The market has been showing too much strength but certainly something we need to keep our eyes on. We have been telling everyone who will listen that if you are contemplating a home in paradise that this summer may be the best buying opportunity you will have in the near future. Take advantage of news like this as it can play into your hand. But keep watching as markets can turn quickly. We just don't think this is anything more than a head fake at this point.