Home Inventory in Palm Beach Gardens Up 1% in January
The old calendar keeps spinning and it is hard to believe we are a few short days from turning the page to March. Those of us who call South Florida home love to be outdoors and March 10th is a big day for us as we “spring forward” and get another hour of daylight to enjoy the glorious weather we have been experiencing.
The local real estate market continues to be very interesting and is constantly changing. Homes I thought would sell quickly can sit while others are snapped up at prices we would have scoffed at a few months ago. We will be bringing our readers the final January sales numbers in a few days but there is no doubt they will slow again being held back by a shortage of quality homes available for sale in many price categories. It remains a seller’s market in many neighborhoods and buyer traffic is solid but has not been transferred into higher sales and insufficient inventory is the main culprit.
Sales of luxury properties have been very strong with waterfront properties showing amazing strength this season. Foreclosures nationwide have fallen to six year lows but Florida had the dubious honor of replacing California as the state with the most foreclosure filings in the nation. California had held this honor every month since January 2007 but with Florida filings increasing in 11 of the past 13 months has now taken over so there are still bumps in the road ahead.
International buyers remain a huge factor in South Florida real estate sales with a weaker US dollar making a second home or investment property in the sun even more appealing. With Miami, Fort Lauderdale and the Palm Beaches along with Orlando remain the top four destinations in Florida for international buyers. These buyers buy 20% of all real estate sold in the state and well over 80% pay in cash and are a huge factor in the recovery we have been enjoying.
Every month about this time we take a closer look at changes in home inventory in Palm Beach Gardens and the surrounding areas. As you recall last month at this time we reported an decrease in inventory in 80% of our reporting municipalities which added to the frustration of lower sales numbers and higher prices facing buyers. So just what did happen to inventory over the last 4 weeks.
This report shows our home inventory “power rankings” for the month ending January 31st. These rankings are set up so the 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, that will continue to 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 Hobe Sound
#3 Palm Beach Gardens – up 1%
#4 Jupiter – up 6%
#4 Juno Beach – up 6%
During January in the northern Palm Beach County region the average inventory level increased 1% with the median decrease also weighing in at 1%. Certainly nothing dramatic to the upside but measurable and at least a few more options for eager buyers searching for the perfect opportunity. This month we next move to home inventory in Palm Beach Gardens with a 1% increase in inventory levels over the past 4 weeks. As of February 1st, total home inventory in Palm Beach Gardens sits at 898 which is up 9 units from the 889 available on January 1st. With these levels we find ourselves with home inventory in Palm Beach Gardens up 1% from the 12 month average that now sits at 892. Looking at the “seasonal” factor we are down 13% from the level of home inventory in Palm Beach Gardens that we reported on February 1st of last year.
If you are considering a real estate transaction over the next few months; tread gently and be well informed as the market remains extremely volatile.
Until next month………..