Watching the inventory levels continue their monumental drop has really been a thing of beauty. Month after month we report new annual lows in home inventory levels throughout the north county area. This month is no different as we again need to adjust the scale on our charts to handle the new lows. No doubt we need to see these levels maintain and while it is making it ever more difficult to find price driven buyers to homes that meet their expectations no doubt this is a critical metric for future price appreciation.
Last month in Tequesta 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 Tequesta now stands at 258 down 9 units from the July 1st level. Inventory levels are now lower by about 24% 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 9 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 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 either 561 308-0175 or firstname.lastname@example.org for a complimentary consultation.
Always at Your Service,
Tom Priester e-PRO
“Results Driven Real Estate”
Keller Williams Realty