5th Consecutive Monthly Decline
As we say goodbye to the first half of July, it is once again time to bring you up to speed on home inventory levels in the northern Palm Beach County region. We anticipated the summer months would bring a slow down in sales volumes and with buyers facing fewer options it puts further pressure on sales. So far, the decline has been dramatic in the condo market with the single family market dropping but still showing strength. We cannot stress enough how each neighborhood and property are unique and have different market forces surrounding them. Understanding this is the key to making wise decisions.
Prices have moved to the highest levels we have seen in over 7 years and this real estate engine appears to be hitting on all cylinders. As of this morning, total home inventory for sale in the region dropped another 3% over the past 30 days to the lowest mid-month figures we have seen since November. Five straight declines means fewer choices for buyers which has kept pricing pressure to the upside. Median single family home prices in the area just hit $400,000 which was a very important and significant milestone.
Our job is a dedication to our clients and ensuring they have the most accurate information available to make fully informed decisions, whether they are buying or selling. We still see the upcoming season to be strong; very strong. With limited inventory, strong demand and higher prices. However, we still see some weakness in the summer months which means good buying opportunities for those properly positioned to take advantage of them. Just yesterday we had a client first in line to visit a new listing in Jupiter and submitted what I consider to be a very strong offer hours before anyone else will get into the home. Timing is key and preparation is a must.
But in the title we said…..but. What does that mean? It means that we have seen a significant shift that deserves our attention. While today’s inventory numbers show a 5th straight decline in our mid-month reports those inventory levels have actually climbed over the past 2 weeks. Not by much, but they have climbed and that gives us a sign worth watching. Not enough to change our projection of higher prices ahead but definitely worth watching.
If you want a market expert watching out for you then consider picking up the phone and reaching out to the Paradise Shark for a complimentary consultation. After all, our passion is you and the real estate waters can be tricky but the Shark knows them like the back of our fin.
Paradise Sharks Real Estate