Nice Reduction in Tequesta Inventory Levels
Happy New Year. January 1st has finally arrived and with it the anticipation of another year and what to expect in the south Florida real estate market. Looking back there is no doubt that we made great strides during 2011 in returning to somewhat normal conditions. In about a week we will be putting together our year end review and I think everyone will be happy to see how strong our foundation is compared to a year ago.
One metric that we closely watch and bring to you on a monthly basis is the changes to the inventory of homes available for sale in the various markets of north Palm Beach and southern Martin County. If anyone was watching in 2005 they would have seen how inventory continued to increase throughout the year and it was when the market could no longer absorb that inventory that the cracks started to appear.
On the converse side of this equation, much as we saw in 2005 how a rise in inventory signaled trouble ahead we need to keep a close eye while we see inventory contracting as it too will give us the signal of prices getting ready to head higher. Lower inventory and stronger sales is a winning combination. Supply and demand will always tell us where the market is moving.
This report shows our home inventory “power rankings” for the month ending January 1st. We are going to switch things up in the way we rank inventory and as of this month’s report will go along with the overall market and our top rated municipality will be the one who shows the highest reduction in inventory levels. Since it is these reductions, when coupled with stronger sales, which will move prices higher we want to rank those accordingly. So here are the inventory power rankings are the rankings for the month of December;
#1 Tequesta – DOWN 2%
#2 Jupiter – DOWN 1.6%
#3 Palm Beach Gardens – DOWN 1%
#4 Hobe Sound – UP 3.7%
#5 Juno Beach – UP 4%
Overall inventory levels around the area went slightly lower with a median decrease in inventory of 1% over the past thirty days which is a bullish sign for the market and a great way to start off the year. We next move in this months report with our 1st place finisher of Tequesta who showed a decrease in inventory of 2% over the past 30 days. As of January 1st we have 262 active listings compared to 267 on December 1st and we are now about 17% below our 12 month high back on March 1st. We are also well below the 315 units we had in inventory one year ago.
You will find it very easy to reach me at 561 308-0175 or via e-mail at email@example.com if there is anything that I can do to assist you with real estate questions that you may have. We are committed to bringing only the highest level of service to you, your family, friends and colleagues so if we can be of service in any way please do not hesitate to contact us at your convenience.
Tom Priester e-PRO
“Results Driven Real Estate”
Keller Williams Realty