Home Inventory Levels Up Slightly in Palm Beach Gardens
Where on earth did January go? Here in southern Florida we have had an amazing season so far with weather we all dream about; or at least our northern friends do. We started the year with plenty of optimism about the continuation of the local real estate market recovery. We all tend to judge how things are going based on our own activity and I can tell you my days start early and end late and busy is not a strong enough word.
Inventory levels are one of the most important metrics we watch and that is why we review them in this article each month at this time. So many factors have a great influence on the real estate market but inventory levels and the quality of that inventory have a huge impact on sales. And that impact is both on the number of sales as well as the prices realized and that is why it is so important for us to track those numbers on a continuing basis. While I am still about 10 days+/- from sharing January’s final sales numbers with you I can tell you that they are looking to be very anemic and the lack of inventory is a major factor in those numbers.
Overall we have seen inventory levels shrink significantly throughout Palm Beach and Martin Counties. Over the past few months we have seen a bit of a reversal in this trend which is good news for buyers but bad news for potential pricing increases. Throw in some higher foreclosure numbers through January and the world of South Florida real estate remains interesting; very interesting. The need for a qualified Realtor® representing and watching out for your best interests has never been more important.
This report shows our home inventory “power rankings” for the month ending January 31st. Last month we switched things up in the way we rank inventory and now 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 January;
#1 Juno Beach –
#2 Palm Beach Gardens – UP 1%
#3 Tequesta – UP 4%
#4 Hobe Sound – UP 5%
#5 Jupiter – UP 7%
Overall inventory levels around the area were up for the month of January with a median increase in inventory of 4% over the past thirty days which is a slightly bearish sign for the market or at least on upward pricing pressure. We next move to Palm Beach Gardens in this months report with a 2nd place finish with an increase in inventory of 1% over the past 30 days. As of February 1st we have 1,031 active listings compared to 1,020 on January 1st and we are now about 19% below our 12 month high back on March 1st. We are also well below the 1,302 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