3rd Straight Monthly Drop Means Fewer Options for Buyers
No doubt about it the northern Palm Beach County real estate market has had a good year so far. Not as good as last year from a volume perspective but prices are back up to new 5 year highs and look strong. One important aspect to the price and sales equations is home inventory. In traditional times less inventory meant higher prices. The effect on sales can be dramatic as well as without the ability of finding the right home buyers may not be able to act.
As you know we track these numbers very closely and bring you updates twice each month. But remember that the overall area statistics may not be the same in your neighborhood so if you are buying or selling make sure you dig deeper into the numbers surrounding and particular home.
As of June 1st, home inventory levels in the Palm Beach Gardens area dropped for the 3rd straight month. Down a little over 2% to the lowest levels we have seen since our November 15th report. We remain about 7% above inventory levels on June 1st of 2013 and about 2% above the average we have experienced over the past 12 months.
So a little bittersweet as less inventory can push prices higher but it also can restrict sales. We need to see sales remain steady over the summer to keep this party going. Tune in tomorrow to see where sales have traveled over the past month. Always interesting, always fun.
Paradise Sharks Real Estate