Palm Beach Gardens Pending Home Sales Jump Even with Shrinking Inventories
The local real estate market continues to show amazing strength. If one reads the paper or turns on the TV news one would think that the sky is falling. From the front lines of the south Florida real estate market and I am active throughout Palm Beach and Martin Counties I can tell you somebody forgot to tell home buyers in our area. Inventories continue to shrink and finding properties continues to be a challenge. The hottest segments continue to be single family homes under $400,000 and well priced waterfront properties.
Pending sales are the most accurate predictor of what transactions we can reasonably expect to close escrow in the coming 30 to 60 days. Each month we track 5 different municipalities and bring those numbers to you to keep you in touch with where the market is heading as this affects everyone who is, or contemplating, either selling or buying property.
Last month pending sales were split through out the region with Juno Beach, Hobe Sound and Palm Beach Gardens all showing gains with Jupiter and Tequesta numbers decreasing. The lack of inventory is making a huge impact on these numbers as there are buyers wanting to take advantage of prices that are still a bargain and interest rates that are ridiculously low are lined up waiting for the right opportunities. Prices are starting to see significant upward pressure for the first time in 6 years and I can only describe the current market as robust. Now we take a look what has changed since our last report and here are the November Pending Sales “Power Rankings”;
#2 Palm Beach Gardens – up 19%
#3 Juno Beach – unchanged
#4 Jupiter – down 11%
#5 Hobe Sound – down 19%
The good news is three of our market areas again were unchanged or showed an increase for the second straight month; two were double digit increases which is an amazing feat with lower inventories. Like I said watch for upward pressure on pricing finally coming. This month our 2nd place finisher is Palm Beach Gardens with a 19% jump in pending listings that stand at 124 well above the 104 level the previous month. With this months level we remain very close to the average we have seen for the previous 12 month period which sits at 126 per month. We did stay well ahead of where we were at this time last year when we had 114 pending sales. The next couple months are going to tell us a lot about where this market heads and if we see more foreclosures put on the market which is the only thing stopping a significant price run-up.
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