Palm Beach County Update

Donald Smith-Browne, Manager, Coldwell Banker Residential Real Estate, North Palm Beach office By Guest Contributor Donald Smith-Browne, Manager, Coldwell Banker Residential Real Estate, North Palm Beach office

Single-family homes continued selling at a steady clip in the third quarter of 2009, increasing 33% statewide over the same time last year, and jumping 31% in Palm Beach County.

This is two months where we have seen significant increases. A lot of this can be attributed to buyers who were trying to qualify for the First-Time Home Buyers Credit before the November 30 deadline. That is a mute point now that Obama has signed an extension to the First-Time Home Buyers Credit and another program that allows buyers who have been in their current home for five consecutive years or more are also now eligible for up to a $6,500 credit.

"We'll probably still see a dip in home sales for December, but it will pick up again," said Walter Molony, a spokesman for the national association. "The extended tax credit will help continue to absorb, not just the foreclosures that we expect to see in the pipeline, but a balance of homes."

With all this activity, there is hope that it will bring more stabilization to the home market. As we continue to move the inventory off the market, it will bring a little more balance to the homes on market vs. the homes that are selling.

Check out more from the Palm Beach Post.
http://www.palmbeachpost.com/money/real-estate/home-sales-up-31-in-county-50492.html

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