Palm Beach Gardens Home Inventory Levels Up Slightly
Wow what a little havoc a well planned holiday can play. Working like crazy to ensure I took care of my clients before leaving the country on a little vacation then coming back to a real estate market that is on fire has put me behind on my blogs; way behind. With the Thanksgiving weekend upon us I knew the annual slowdown we experience this weekend would allow me to catch up and for that I am thankful!
Real estate sales throughout the north county area have had a strong showing for most of the year but we have seen some a little softening over the past couple months. In a little over a week we will be releasing the final November sales numbers and while it is still a bit too early for accuracy we will probably see those trends continue. Sales in the $1,000,000+ price ranges are showing strength, interest rates remain at record lows, and inventories as we have been reported continue to shrink. Interesting times indeed on the front lines of the Palm Beach County real estate market.
Lower inventories and rising sales are a winning combination for upward price movement but that we have not experienced to date. The continued flow of foreclosures is the main culprit for the continued downward pressure on prices. Some feel banks are holding back inventory in an attempt to not flood the market and cause further pricing pressure and while this may be true we will have to wait and see if that actually transpires. One thing is certain they are letting a much higher percentage of foreclosures go to 3rd party bidders at the daily auctions here in Palm Beach County.
This month we next move up one notch in our home inventory “power rankings” with Palm Beach Gardens which starts off the number of municipalities showing an increase. As we work mainly with buyers our perspective is that higher inventory is a positive metric and will give top ranking to the municipality that shows the highest percentage increase in inventory levels. So here are the inventory power rankings are the rankings for October;
#1 Juno Beach
#4 Palm Beach Gardens up slightly
#5 Hobe Sound down 4%
Overall inventory levels around the area were fairly steady over the past thirty days and we continue this months report with our 4th place finisher of Palm Beach Gardens. Inventory levels in Palm Beach Gardens showed a slight increase. As of November 1st we had 1,000 active listings compared to 998 on October 1st but we are still about about 24% below our annual high back on December 1st. We are also well below the 1,288 units we had in inventory 1 year ago. Net inventory is defined as all of the property actively being marketed that does not have a contract outstanding either as a contingent or pending listing.
As we see inventory levels increase buyers have more choices and typically pricing pressure will be to the downside. Each home is different and has it’s own set of specific metrics that need to be explored when determining current market value. That being said, buyer’s have 2 more choices today than they did a month ago so it is a great time to take advantage of interest rates which are still at remarkably low all time lows.
We take great pride here at “Results Driven Real Estate” in providing our clients the very highest level of service available in the industry. If we can be of assistance in any way with questions you may have about your real estate goals throughout Palm Beach and Martin Counties please feel free to contact me at either 561 308-0175 or email@example.com for a complimentary consultation.