More good news for an already flowering market
As spring arrives the real estate market in the northern Palm Beach County is coming into full bloom. Never has a market looked so healthy. Just look at the news we have brought you over the past 9 days; pending home sales hit 9 month highs, home inventory levels fall for the 1st time in 8 months, and then yesterday we report that the median price on single family homes is rising at historic levels to new 7 year highs.
As we discussed in yesterday’s article, we need to see strength in sales volume to keep this train speeding down the tracks. With pending home sales up for 3 straight month we knew higher sales were coming and that is just what we got. As of this morning, sales of single family homes for the month ending April 1st were up a very strong 10% from the numbers we reported for the month ending on March 1st.
This is the second straight month of increasing numbers and the first time we have been able to say that since July 1st of last year. But we must see these number grow from here or this train will hit reverse in a big hurry and the party may be over. While this months sales numbers are the highest we have seen since November 1st we are still 15% below year ago numbers and 8% below the 12 month average. We really need improvement from these levels.
Thankfully mortgage rates have pulled back so far this week after hitting new 12 month highs last week. Investor activity has been a huge boost to this recovery but signs are showing those sales are softening considerably. Our winter visitors are already heading back and we hope that before they all leave they close a few more transactions. What we really need is another 5 or 6 months of sales above today’s level or the price increases we have been enjoying may be over. Always interesting, always fun.
Paradise Sharks Real Estate
Direct Line 561 308-0175