Choices for home buyers down to 3 month lows
The real estate news around the north county region has been all good for so long. We keep watching for a glimmer of a change in the market. But we won't find it in today's look into where home inventory levels have moved over the past month. The answer is down. And down a substantial 4% from where we stood back on April 1st.
With sales increasing all this can mean is the pricing increases we have been enjoying in the market should probably remain with us for a while longer. Increasing demand and shrinking supply should mean only thing; increasing prices. However, we live in a mixed up crazy world where not much makes sense like it used to so we will continue to watch closely.
We are very, very close to where we stood on year ago with inventory levels in the region. I keep hearing Realtors® and the press again and again tell us how inventory is so low. It may be true with the national inventory, it may be true with the state wide inventory but it certainly isn't true in the northern Palm Beach County region. But for the second straight month we are moving in the right direction. After 7 long months of increasing inventory levels the tide is changing. No doubt we still see much of the current inventory priced above the most recent sales numbers and much more in poor condition and locations. The market continues to react very favorably with well priced listings in good condition and there is no doubt the shortage of inventory with those characteristics is the major cause of increasing prices.
Today we enjoy a fabulous report of declining inventory. Tomorrow we will look a little deeper into what has happened to pending home sales over the past 30 days. Always interesting, always fun.
Paradise Sharks Real Estate