July’s Market Report!

It is a fact that there is a serious shortage of single family homes listed in Palm Beach County. In my many years in this industry I don’t recall ever seeing this strong of a seller’s market . If you will recall in months past, I shared with you that one way we evaluate a market is based upon inventory (or as some people call it consumption), further than 6-9 months of Inventory is considered a balanced market, under 6 is a Sellers Market and Over 9 is a Buyers market. When analyzing various market segments, we were amazed to see just how low the number of months of inventory actually is in Palm Beach County

Sales Price
$300 – $400,000    2 Months of Inventory   Seller’s Market
$400 – $599,000   3 Months of Inventory   Seller’s Market
$600 – $999,999   5 Months of Inventory   Seller’s Market
$1,000,000 +         7 Months of Inventory     Balanced Market

As we’ve recently shared, we started 2020 with over 19 months of inventory in the $1,000,000+ market.

To clarify, the above is specific for Palm Beach County and we should also state that we do see pockets of communities that tell a different story as some communities have stricter Covid showing requirements and certain buyer populations are not seeing homes in person due to Covid either.

What is absolutely amazing that if August results are as strong as July (which we fully expect them to be), then it is probable that we will be trending ahead of last years numbers. Low interest rates coupled with low inventory are making for the perfect storm to bring in a buyers frenzy on many homes.

July provided the highest number of new listings since before our shut down but as you can see above, we still need more inventory in our market.

Buyers are able to buy more home due to the interest rate – unfortunately (or fortunately for the sellers) the buyers you are competing for are also in the same position and currently we have more buyers than sellers.

So Seller’s; is this a good time to sell? Yes! This is the perfect time to get on market and sell your home – in fact, Palm Beach County could really use your home on the market as buyers need more options.

 

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