Pending Home Sales Lower in the North Palm Beach Area


Spring buying season not as robust as last year

No one will argue that the local real estate market has not been good here in the northern Palm Beach Country region. Certainly not nearly as strong as we were last year at this point but good. Our mid month check up on homes under contract had given us increased numbers each month since January 15th. Three months in a row we had increases of 15%, 12% and 8%. Solid numbers bringing us back from an 8 month period when the market truly was in a funk.

Pending

No one metric does more to tells us where actual home sales levels will be over the next 90 days. A strong pending home report virtually guarantees strong sales numbers in the two months ahead. So it is with great anticipation each day as I watch the changes as we know where the market is headed. Believe me, I would love to be bringing you another solid increase in homes under contract for the period ending May 15th but it just didn’t happen. Pending homes sales gave back some of the recent gains dropping 2% since our April 15th report. Nothing earth shattering and quite frankly we can expect a pause after the solid gains we have seen over the previous 90 days.

However, we continue to see a pattern where the market remains far below the strength we enjoyed last year at this time. As of today, homes under contract remain 17% below the numbers we reported at this juncture in 2013. Last year on May 15th we experienced a 1% drop from the previous month and that is when the “great slide” started. We then went for 8 long months before a meaningful correction.

If a similar market stall comes our way this year things could get very ugly indeed. Watch closely at the information available in any neighborhood that you are considering a sale or purchase as summer approaches. Things are changing and we are hoping that the summer months improve over last years performance. If not, watch for recent price increases to sputter as well. Always interesting, always fun.

Fins up………

Tom Priester
Principal Broker

Paradise Sharks Real Estate
Direct Line 561 308-0175
tom@tompriester.com

http://www.paradisesharks.com

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Tom Priester

After spending years among the top individual performers at one of Palm Beach County’s largest and most successful real estate brokerages, Tom Priester knew there was another way to do real estate. A better way. Real estate services focused on the customer. Like the old days when the customer truly was #1. He tired of listening to why he should be going out to have his customers sign one sided buyers’ brokerage agreements. He tired of hearing how he should be selling customers why paying higher commissions, like 7% and 8%, was to their benefit. He tired of hearing how he should sell his clients on why they should be paying hundreds of dollars in additional “transaction fees”. The business had slid way too far from being focused on the customer. His customer. So he decided the time was right to be different…..by design. To start his own unique boutique real estate firm truly focused on his customers. They will now have access to a process focused on them. Only the best marketing techniques to sell their homes. No cutting corners. Commission structures based on his clients needs not his. Paradise Sharks was born out of Tom’s passion to return this business to the customer. Where it belongs. If you want a real estate experience that benefits you, just give Tom a call at 561 308-0175 or send him an e-mail at tom@paradisesharks.com. You can always pay more and receive less but that just would not make any sense. Would it?

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