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 had an amazing spring with stronger sales than we have had in years. Interest rates remain at historic lows, we have seen an interesting drop in foreclosures and inventory levels are at year long lows. Sales reported here for June were tremendous and things are looking up. Or are they?
Our May 15th reports throughout the north county area showed pending sales at 12 month highs but last month we saw a reversal and reductions in pending listings which again are a precursor to upcoming sales levels. So again 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 move back towards those record levels now that summer was staring us in the face? Or would we see a continued and somewhat expected slowdown? This month in Jupiter pending listings stand at 134 down from last months level of 140 but staying very close to the annual high which is a great sign of a this strong market continuing through the summer.
Part of this drop has to do with the fact that inventory is lower than we have experienced over the past few years. Buyers literally have far fewer choices and are still very price conscious but more and more they are become educated that the bottom of the market appears to be behind us. I tell everyone who is borrowing money that now is the time to purchase as interest rates will be going higher. I am afraid many of the same buyers who missed the bottom may also be looking in the rear view mirror lamenting how they missed the interest rate opportunity of a lifetime.
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 email@example.com. 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