A couple weeks ago I took an advance look into inventory levels in Palm Beach County and at that time it looked like we might see a slight uptick when I completed my monthly report. But alas, here we are at the beginning of another month with another report of declining inventories throughout northern Palm Beach County. Finding the right home for our clients continues to become more and more difficult.
This month in Hobe Sound inventory levels continue to go lower and this marks the 5th straight decline and another new record low. The net inventory of real estate currently for sale on our local Multiple Listing Service (MLS) in Hobe Sound now stands at 414 down 5 units from the June 1st level. Inventory levels are now lower by about 20% from our annual high which is a very significant move. 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 5 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