It’s been a long time coming
As the great Sam Cooke sang to us for the first time many moons ago “But I know a change gonna come”. And finally, after nine long months, we may just see a reversal in what has been a very negative trend for the real estate market here in the northern Palm Beach County region.
Our first market update in February is one that has a glimmer of hope that the downward trend we have been in may be beginning to shift. After all, the last time we reported an increase in pending home sales was back on April 1st of last year. That indeed is a long time coming.
The increase wasn’t huge; just slightly below 2% but still a move in the right direction. Today’s pending home sales in the region still remain about 34% below the 12 month high and 20% below where they stood last year at this exact moment.
The National Association of Realtors announced just two days ago that pending home sales across the country dropped 8.7% in December and stated “Unusually disruptive weather across large stretches of the country in December forced people indoors and prevented some buyers from looking at homes or making offers.”
I can tell you that weather has not been that much of a factor in the northern Palm Beach County numbers. So we are going to leave you with this good news on the local real estate front as the markets are due for it. But beware as we will be following up in the next day or so with the latest home inventory numbers that may not be quite as rosy. Always interesting, always fun.