A report released this morning by the Florida Realtors shows 961 homes changed hands in August in Palm Beach County, a 1 percent decrease from July, but a 21 percent hike from August 2010. (I don't know where they get their figures from...looks totally inaccurate to me. My MLS report shows 2411 homes actually sold..as in the sale closed...in Palm Beach County in August of 2011) Palm Beach County tax records...which are sometimes behind in recording sales, show 2251 sales in August...which most likely includes sales than just residential homes/condos/townhomes)
Statewide, sales increased 15 percent in August from August 2010. Median prices statewide remained mostly unchanged in August from July at $137,500, but were down 16 percent from last year.
Palm Beach County's median price for a single family home in August was $196,900, down nearly 5 percent from July, and 14 percent from August 2010.
Sales are up...prices are down; In my opinion, this is going to be the story in the foreseeable future as banks work to process short sales faster and also work to get homes into foreclosure faster. With short sales and foreclosures it is a vicious cycle of downward pricing pressure.
Here are the current figures from Palm Beach County: (if we use the PB Post/Fl Assn of Realtors sales figures)
- 340 Foreclosures/Bank Owned homes were SOLD in August 2011... That equates to 35% of all homes sold in August were Foreclosures/Bank Owned
- 411 Short sales were SOLD in August 2011...That equates to 43% of all homes sold in August were Short Sales
Using the figures I derive from MLS reports as well as Palm Beach County tax records, I come up with a 31% distressed sale ratio...much more accurate I feel...but still almost 1 out of every 3 sales is distressed...that will continue to drag values down.
Thanks for reading...Steve Jackson
