PALM BEACH COUNTY REAL ESTATE MARKET REPORTS
Inventory is moving in Palm Beach County! While it’s still not a balanced market, there is a lot of great news for homes in all pricepoint categories. Things are definitely moving in the right direction!
Among the notable figures:
- Total dollar volume of all sales was up!
- Median time to contract is down! Buyers are making decisions faster and hopefully everyone is getting more realistic about their asking prices… and/or negotiating to achieve a win/win solution for the buyer and seller in any given transaction.
- Median time to sale is down! Deals are getting closed faster – this is great news for all parties involved.
- The number of pending sales are down showing that inventory is finally starting to move once again!
The market for homes in the $300,000-$399,000 price range still remains a “seller’s market” – down from 5 months of inventory to 4 months of inventory. Regular readers of this commentary will remember that anything under 6 months is a considered a Seller’s Market.
The figures for the $600,000-$999,999 range went down from 14 months of inventory to 10 months. While still a “buyer’s market,” if the trend continues we may very well see a balanced market next month in this price range! (Six to 9 months indicates a balanced market.)
The market for $1,000,000+ homes remains a very strong “buyer’s market” at 22 months of inventory – but the good news is that this number is down from November, when as you remember, there was 24 months of inventory – so we are heading the right direction.
Whether you are a buyer or a seller, working with the right Realtor is key! The All About Florida Homes Team would love to help you on your journey!
Now is a a great time to email or call us to evaluate your home’s price, position, and marketing plan. It would be our pleasure to help you plan and execute the perfect sales strategy! Contact us today at firstname.lastname@example.org or (561) 571-2289. Or you can complete our online request for a market analysis of your home.