Every month at this time we take a look at the level of pending real estate sales in the north county area as it is the most important metric when determining what future sales will be. Everyone has had an amazing spring with stronger sales than we have had in years. Interest rates continue to plunge, we have seen an interesting drop in foreclosures and inventory levels are at year long lows. As we transform from the traditionally strong spring buying season to what typically are slower summer months it will be very interesting to watch and see just how strong the current recovery is.
On May 15th we showed how, throughout the area, pending sales were again at year long highs and I was very interested to sit down this morning and pull the latest information to see what the last 30 days look like. Could we hold these record levels now that summer was staring us in the face? I start this month’s reporting with Hobe Sound where pending listings stand at 38 down from last months level of 45 which is certainly significant. However, it is still the 4th highest level we have seen over the past 12 months and the big question is where we go from here?
If you remember back a year ago at this time we were dealing with the end of the first time homebuyer tax credit. As we continue to work our way towards a full recovery keeping our eyes on pending homes sales in Palm Beach County becomes more important. Most of these pending listings will be next months sales and those figures and their effect on inventory will paint the future. Today we are still seeing multiple offer situations on homes that are well priced and properly marketed, sales prices are much closer to list price and days on the market numbers continue to decrease. These are all signs of the real estate market improving which we need before we see any significant pricing movement to the upside.
As always, my goal when working with each of my clients, is to fully understand their unique, individual needs and design a program that will successfully ensure their goals are met. “Results Driven Real Estate” is a promise of the highest level of service in the industry and if you would like a complimentary consultation to discuss your particular situation in more detail please feel free to contact Tom at 561 308-1075 or via e-mail at firstname.lastname@example.org. We would be honored to be of assistance in any way that we can.
Always at Your Service,
Tom Priester e-PRO
“Results Driven Real Estate”
Keller Williams Realty