There is no doubt if you talk to any real estate agent in the know in Palm Beach county, they will tell you a market shift has begun. The market has most definitely slowed…. And yet… some of the numbers would indicate otherwise, so rather than saying a shift, I am going to say we have in a brief pause.
When we look at Florida as a whole, we are starting to see the possibility of a new – and much needed – ‘trend.” This is the second month in which inventory – especially under $400,000 – has increased! (Yes, you read that right!) This is amazing news for our buyers who have been struggling with the low inventory and higher prices!
As always, Palm Beach county is its own unique market segment, though. Here at home, cash sales are still at a low percentage of total sales but mortgages are closing faster! There are many new mortgage programs which provides options to our buyers. So, sellers: this is great news for you as well as it increases our pool of potential buyers for your home.
Interestingly, both the median and average sales prices are down in August as compared to July. But, at the same time, closed sales at price points over $600,000 are up. My interpretation of this is that we have had far too much inventory on the high end. Homes have been sitting on the market, over-priced for too long. New listings have been coming on over-priced, too. But now, prices are starting to better align with the reality of the market. Comps should be closely analyzed. We need to be looking at what has actually sold – not what is active on market. Prices are being reduced on the higher end to be more realistic, and low and behold – they are selling!!!!
Now is a great time to buy or to sell. Just be realistic on listing price, and of course, realistic about the product – your home! Curb appeal matters. Get people into the home and, if it’s priced right, we will be celebrating a contract!
Contact us at (561) 571-2289 – or via firstname.lastname@example.org – if we can provide you with any additional market data that will help inform your decisions! We are here to help – with no obligation.