Palm Beach County housing market slump continues

The housing slump in Palm Beach County showed no signs of improvement in August according to figures released by the Florida Association of Realtors on Tuesday.
Sales of existing homes in Palm Beach County declined 13 percent to 568 from 655 a year ago. The median price of $366,200 was off 5 percent from $386,000 last August.  Condo sales fell 16 percent, and the median price of $209,000 dropped 5 percent from $220,300 a year ago.

The number of properties on the market in Palm Beach County has leveled off in recent months, but still is up over last year. There were 33,708 homes and condos for sale at the end of August, a 10 percent increase from 30,774 a year ago, according to Illustrated Properties in Palm Beach Gardens.

At the current pace, it would take 40.3 months to sell that inventory, assuming no new properties were listed. “That’s an all-time high,” said Chappy Adams, president of Illustrated. “That’s horrible.”

Analysts expect even more homes to become available as people lose their properties to foreclosure later this year. As a result, it could be next fall or later before the region’s housing market starts to rebound.

not everyone is cursing the market. Some sellers and real estate agents say they’re enjoying success because they’re realistic.

Kellie and Scott Collins recently listed their three-bedroom home in Florida Gardens, near Lake Worth, for $269,000. A buyer stepped forward after about a week and is paying close to the asking price.

“I was real surprised,” said Kellie Collins, 27. “I thought it would take three or four months to sell it.”

The Collins’ agent, Mike Kleinrichert, said sellers have to price their homes as if it were 2003 or 2004.

“I ask my clients, ‘Do you want to list your home or do you want to sell it?’” Kleinrichert said. “If you price the house right, it’s going to sell.”