The smiles continue to shine around the offices of Keller Williams Realty in Jupiter as the local real estate market continues to thrive and recover. As we report on the first of every month we continue to watch inventory levels to see just how strong this recovery is. As we head into summer and put the spring buying season in the rear view mirror let’s see what has happened to inventory levels over the past month.
This month in Palm Beach Gardens inventory levels have once again moved in a positive direction with a very significant drop and another new annual low. The inventory shrinkage we have been experiencing over the past 120 days is simply incredible. Where are we going to find quality new listings to show are ever increasing line of clients? The net inventory of real estate currently for sale on our local Multiple Listing Service (MLS) in Palm Beach Gardens now stands at 1,116 down 56 units from the May 1st level. Inventory levels are now lower by about 14% from where we stood four months ago. 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.
As we see inventory levels decrease buyers have fewer choices and typically pricing pressure will be to the upside. Each home is different and has it’s own set of specific metrics that need to be explored when determining current market value. That being said, buyer’s have 56 fewer choices today than they did a month ago so it is a great time to take advantage of a great combination on inventory and interest rates which are still at remarkably low levels after hitting another new 6 month low last week.
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 throughout Palm Beach and Martin Counties 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