Decline in inventory levels continue
Everything is looking mighty fine when it come to the real estate market in Palm Beach Gardens and the surrounding area. Sales up, single family home prices way up, pending home sales continuing to surge and now we see inventory levels making their first meaningful mid month drop since July of last year.
No doubt we were a bit skeptical last month when we showed our first decline in 7 months. After all the drop was only one unit. Not too much to shout about. Then our first of the month report showed a meaningful decline and those numbers held over the past two weeks. The total inventory as of April 15th in the northern Palm Beach County region dropped a meaningful 6% over where we were a month ago.
As anyone who has been shopping for a home over the past 5 months can tell you; a good home in good condition at a good price is very difficult to find. There were homes that were priced a bit high that were in good condition. There were homes at a good price but in poor condition. But finding the home where everything was looking good was a tough ticket and when they do hit the market they are gone in a blink of an eye. Buyers finally came to the realization they had to make stronger offers. And they have, driving prices for median single family homes in the area to record pricing increases.
Interest rates are still helping and if we see inventory levels continue to shrink look for prices to go higher. At least for the short term. Always interesting, always fun.
Paradise Sharks Real Estate