Palm Beach Gardens Pending Home Sales Fall for 2nd Straight Month

This summer is going to be very interesting……

Single family home sales in the northern Palm Beach County region have been red hot; up over 63% since the low we hit with January sales. Condo sales were up almost 70% during the same period. Strong numbers, very strong numbers but still far below where sales volume was a year ago. Prices however have been setting new “post bubble” highs. Median single family home prices up over 15% in 7 months. Median condo prices up over 10% in the last 3 months alone.

Pending

Everything we are seeing locally is looking great. We see more crowds in June than we have ever before. The beaches are more crowded, there are waiting lines at the most popular restaurants, the local bars are serving more margaritas than they ever have this time of the year. I keep telling everyone I see that next season is going to be off the hook, crazy busy. Like nothing we have ever seen before. It is coming. Just like those trains everyone is talking about.

But just what is going to happen to the price of local real estate? We just published an article relating to the debt in our country and the world and I am still waiting for someone who can explain that entire deal to me. I have to figure our debt will keep growing and there is nothing I can do about it. Our market is different that other markets but no doubt the overall economic picture effects us. But we watch the numbers and we watch them closely. We put our home on the market in 2005 and rented for 6 1/2 years before buying a little over two years ago because the numbers did not look right. We told anyone who would listen that is was a great time to sell. Almost everybody laughed at me.

I am certainly concerned about the economic times we live in but we watch the numbers. Closely. Very closely. And right now they look good. If we can hold steady over the summer months with prices and sales, next season looks hot, really hot. We watch pending home sales each day and publish them twice each month for our readers. One of the absolute most important metrics when it comes to predicting what is going to happen in the next 2 to 3 months. Critical.

As of today, pending home sales in the Palm Beach Gardens area have fallen for the 2nd straight month which we somewhat expect this time of year. Down 8% from last month at this time. Last year we dropped about 5.5% during the same month. Sales in 2013 were far ahead of 2014 during the first 5 months. What we really need is a stronger performance than last year over the next 5 months. If we get it, watch out as prices are going to climb substantially. If not anything can happen. It’s why we watch the numbers. At this moment, we trail last years’ pending home sales numbers by almost 20%. We need that number to shrink.

If you are even thinking about buying or selling in today’s market make sure you understand the numbers surrounding that particular house. If you need help contact Paradise Sharks for a complimentary consultation as we are here to help. Always interesting, always fun.

Fins up……….

Tom Priester
Principal Broker

Paradise Sharks Real Estate
561.308.0175
tom@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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