Lack of Inventory Blamed for Lackluster Palm Beach Gardens Area Condo Sales

Lowest monthly sales total in years

Let’s get the bad news right on the table. Condominium sales in the Northern Palm Beaches as of January 15th put in the worst monthly performance we have seen in a very long time. Down 25% over the past 30 days. Down 26.5% from the 12 month moving average. Down 14% from year ago numbers. Down, down down.

Condo Sales
We knew it was coming, so it really isn’t a surprise. We know there is a real lack of quality inventory and if it improves buyers are ready to rock and roll. Cash sales in the area have skyrocketed over the past 2 months. Interest rates are lower than we have seen in almost 2 years. We have more seasonal visitors in town that we have ever seen before. People want to buy, there just isn’t much out there. Buyers still remember what happened in 2006 and even though median prices are far below those levels they remain aware that they don’t want to chase properties at too high of a price.

But there are signs. Since the first of the year, local pending home sales are up, and at this point significantly. Over 10% in 25 days. Strong numbers, which tells me inventory is the problem and prices are going to be moving higher in the coming months. We are also seeing inventory levels move a bit higher. Up 5% since January 1st. There is strength out there an the front lines. Buyers have to be well prepared and educated. If inventory levels rise, which we expect sales will follow.

This year is going to be another good one for Palm Beaches Gardens real estate. The die is cast for the winter and early spring months. Prices should be moving higher. Too early to see what the summer will bring but for now its all looking good. Very good. Just because sales pulled back, prices held steady and all is well. Always interesting, always fun.

Fins up…..

Tom Priester
Principal Broker

Paradise Sharks Real Estate
561.308.0175
tom@paradisesharks.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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