Welcome to the New Year of 2011. It should be an another amazing year for the local real estate markets and we look forward to bringing you the latest market statistics. Following the inventory levels is extremely important as it is the “supply” end of the equation that tells us where prices may be heading. As the supply of homes decreases and demand stays even we will see pricing increases. Tune in next week to see where prices have gone over the past year and you might be surprised.
The Palm Beach Gardens Net Inventory Index decreased during December by the largest margin we have seen in well over a year to a brand new yearly low, which is great news and a sign of continued recovery in the local real estate market. The net inventory of real estate currently for sale on our local Multiple Listing Service (MLS) in Palm Beach Gardens has ranged, over the past 12 months, from the current low of 1,266 units up to 1,331 units where we sat way back on March 1, 2010. Net inventory now stands at 1,266, down 46 units from the December 1st level. Net inventory is defined as all of the property actively being marketed that does not have a contract outstanding either as a contingent or pending listing.
A decrease in inventory is typically negative news for buyer’s as it means fewer choices for those working with a professional Realtor in today’s market. With prices that have stabilized and still plenty of inventory it is a great time to be shopping for your new Palm Beach Gardens home.
We take great pride here at “Results Driven Real Estate” in providing our clients the very highest level of service available in the industry. If we can be of assistance in any way with questions you may have about your real estate goals please feel free to contact me at your convenience for a complimentary consultation.
Always at Your Service,
Tom Priester e-PRO
“Results Driven Real Estate”
Keller Williams Realty