April sales in region down 27% from year ago
Things change. That is just a fact of life. Changes can be good. Changes can be bad. Changes can be no big deal. The real estate market here in northern Palm Beach County is changing. It certainly isn't for the good but we are still watching closely to see if it is bad or no big deal. As of this morning single family home sales for the month ended May 1st are down about 7% from the previous month.
Last year at this time we were flying high with the most sales we had seen in one month in years. Those numbers continued through September and then things slowed dramatically. A month ago it looked like the market may be picking up steam but the tea kettle is no longer whistling. The water is cooling. Temporary pause? Maybe, but maybe not.
A study just published analyzed cash sales which in some markets made up rather astonishing market shares during the first quarter. Fort Myers purchases during the January through March period that closed with cash were 73.6% of all sales. Miami weighed in at 67.1% and Sarasota came in at 65.1%. How did we do locally; Jupiter during the same period came in at 51.9%, Palm Beach Gardens 52.5%. Very strong numbers even with the large institutional investors pulling out as we discussed in our recent article "Blackstone Slams the Brakes on Local Real Estate Purchases".
Remember if you are contemplating any real estate transaction to do your research as there is so much poor quality information out there. Each individual parcel has it's own story and while we see fewer sales with prices holding their own in the overall market your neighborhood may have a totally different story. Always interesting, always fun.
Paradise Sharks Real Estate