It's been a long 6 months
Finally. Since August of last year home inventory levels in Palm Beach Gardens and the entire north county region have been climbing. Each month. Every month. They kept growing, and growing and growing and growing. Today's news that the growth has paused is welcoming. No huge decline, in fact only one unit less than we had a month ago. But still a leveling off near the highest levels we have seen in well over a year.
Inventory is really supply and as it grows pricing pressure tends to be to the downside. But as we keep telling you this is not your grandfather's housing market. This time, at least over the past four months, prices have been rising as inventory levels grow. Most of this is because buyers who have been frustrated with the lack of quality inventory are rejoicing. With 30% more properties on the market than there were back in August they have been buying and willing to pay higher prices.
The spring and early summer months typically bring higher sales in the region and we expect that trend to be even stronger this year. Our "season" keeps getting bigger and bigger and stretches out longer and longer. No longer do we we count on getting our town back after Easter and after the winter our northern neighbors had to endure who can blame them. Each snowstorm, each day the temperature dips below 0 and you know where their minds tend to drift. Sunny days, sandy days, salty nights. They are dreaming of paradise where we are so lucky to live. Will those dreams be filled with today's high inventory levels before this winters snow finally melts. Time will tell. Always interesting, always fun.