Jeff Ostrowski
Alexandra Clough
Home > Real Time > Archives > 2008 > August > 25 > Entry
Palm Beach County median below $300,000 for first time since mid-2004
Palm Beach County home prices plunged in July, raising new questions about just how far property values can fall.
The median price of an existing single-family home fell to $291,300 in July, the Florida Association of Realtors said today. That’s down 22 percent from July 2007 and off 13 percent from June 2008.
The median price of a house in Palm Beach County hasn’t been below $300,000 since May 2004.
“It’s a massive dip over the past couple years, there’s no two ways about it,” says John Mike, a real estate agent and head of the Realtors Association of the Palm Beaches. “The buying public is unnerved about what’s been happening in the general economy.”
The number of sales rose slightly to 652 in July, up 8 percent from a year ago but down 12 percent from the previous month.
In the Treasure Coast, the typical single-family home sold for $159,300, down 31 percent from July 2007 but off only slightly from June 2008.
The median condo price in Palm Beach County was $152,300, down 15 percent from a year ago, although the number of sales jumped 16 percent.
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Comments
By Mr. Solvent
August 25, 2008 1:39 PM | Link to this
When the price gets back into the mid 100’s as it was before all of this mess, we may be done watching it fall. I’ll admit it’s been much more slow and painful than any of us could have imagined.
By ChicagoTruth
August 25, 2008 2:46 PM | Link to this
What?? Impossible! Below $300,000?? But I thought prices were RISING as we spoke! My prediction has always been that it will eventually return to realistic levels, meaning below $200,000 median. Well on its way there now! Hmmm…didnt the cheerleaders scoff and deny the notion of a 50, 60, even 70% price drop? Look out-50% drop is just around the corner! Gosh IM glad I rented while I was down there!! No regrets AT ALL!
By Alfred from Boynton
August 25, 2008 3:14 PM | Link to this
All I want to know is: why when Topical Storm Fay was coming they didn’t open up any shelters for us seniors? None. We need time to get ready and there might have been a hurricane by then. When they finally list the shelters opening will the say which ones will have free coffe and doughnuts? Do they tell which ones have free food?
By takegas
August 25, 2008 7:15 PM | Link to this
Hey Alfred: Sounds like it’s time for you to stick your head in a gas oven for a few hours. If ever there was a senior who needed a gas pipe..you must be it!
By Alfred from Boynton
August 26, 2008 10:13 AM | Link to this
All I ask is a simple question and what do I get? More senior bashing! Look here mister us seniors keep the economy going in south Florida with our social security checks. You should be on your knees thanking the almighty for us being here!