, Short Sales Down
Note: If you're searching for Palm Beach County listings for foreclosures and short sales, I've built some of the most often requested free MLS searches for you - See the links below and bookmark this page. Let me know if you'd like a custom search with automatic updates.
As a dedicated full-time REALTOR® in Palm Beach County, I have ridden the economic wave with my clients. The good news is that the Palm Beach County real estate market is experiencing a strong recovery.
Palm Beach County Real Estate Sales Up for 2015
In 2015 through Q3 there were 26,085 total closed condo and home sales in Palm Beach County, up about 8% from 24,160 for the same period in 2014.
Foreclosures in Palm Beach County Up for 2015
I searched the MLS for foreclosures and short sales as a percent of total sales through the 3rd Quarter of each year since 2000.
Huge Increases in Foreclosure Activity Since the Real Estate Boom
As I suspected, the last two years have seen the most foreclosures since 2000, both in relative and absolute terms. Over 4,000 closed sales in both 2014 and 2015 were listed as REO ("Real Estate Owned" bank foreclosures), reflecting over 16.8% of the total sales through the third quarter of over 26,000 for 2015 and over 24,000 for 2014.
During that same period, short sales are down from 5.53% to 2.96% of total closed sales.
Florida Real Estate Market Fluctuation
The market is slowly leveling off, as compared to widely differing peaks where short sales comprised almost 21% of all closed sales, and also nearly 0% during this decade. In 2000, closed foreclosures in Palm Beach County were 1.7% of 18,500 total closed sales through the third quarter, less than 10% of this year's foreclosures in both relative and absolute terms.
The rate declined to less than 1% as the total sales increased with the rising market, with the rate of foreclosures increasing dramatically starting in 2007.
Watch this blog for more details. I plan to do more after year end.
If you or someone you know is considering selling short or buying a short sale or foreclosure, I'll be happy to share my experience with a no-obligation consultation.
Feel free to call me directly at 561-573-1828 or contact me here. I'm always easy to reach by phone, text and email.
MLS Foreclosure Search Links:
Click here to search the MLS free and make your own search. You can always contact me if you would like me to build a custom MLS search for you.
I've custom made a list of popular MLS Foreclosure Listings searches for you here. It includes the the following links:
About the Author: Scott Field is a leading real estate agent in Boca Raton since 2002. In February 2015,Scott was honored with the 2014 Realtor® of the Year Award from the Realtors Commercial Alliance of the Palm Beaches. Scott specializes in physician and executive relocation, property sales including residential, commercial and investment properties, luxury homes, country club homes, waterfront condos. Hundreds of successful transactions and happy clients throughout South Florida with a focus on Palm Beach County and north Broward County.Scott has sold a wide variety of properties in South Florida, including investment and commercial property, luxury homes, homes in country clubs, seasonal homes, and waterfront homes.Scott routinely receives referrals from past clients and recruiters, and from real estate brokers outside the area.Scott is actively involved in the community, serving on the board of directors and various committees with the Realtors Commercial Alliance (RCA), and the Career Academies Advisory Board of Spanish River High School, among others.Scott's clients benefit from his extensive experience as a Realtor, business consultant, senior manager, college instructor and entrepreneur, and his exceptional skills in marketing, communication, negotiation, and transaction management.