Palm Beach County Homes sales

Just like the Beatles sang " Its getting better all the time" Palm Beach County homes sales for February when compared to this time last year have shown dramatic improvement.

Resale inventory ( Listings for sale) have dropped to 5.8 months supply which is down 11.1% YOY and considered very light supply. This is not enough to meet the current demand, which bodes well for sellers who can expect more competition from buyers which translates into potentially even higher sales prices.

Single Family Homes sales are up 27% YOY
Condo sales up 28.5% YOY

Number of days a property is on the market for sale has dropped 13.9% from 101 to now 87 days YOY

A whopping 55% of all sales were to cash buyers which is up 6.2% YOY

So if your thinking about selling, there is no better time then right now to get your property listed for sale because the momentum is clearly on your side. Whether the market for sellers gets better or not is anybodies guess but for right now you have the wind to your back. Just dont fight it, what I mean to say is if you want to sell faster and at a higher price you need to make sure your home is priced properly at fair market value otherwise all you will be doing with your over priced listing is directing your potential buyers to look at and buy other more fairly priced homes, not yours.

If you've been thinking of buying you better get serious because everyday you wait is costing you money, right now homes prices are on the rise so do not let a good deal get away from you, you have to act sooner rather then later. If you need to finance your purchase be sure to get yourself pre approved because most sellers will want to know up front if your qualified because they do not want to waste their time finding out, especially when they can sell to somebody else that is qualified.

Whether your a buyer or seller you can call me to help you put together a detailed plan on the best way to approach this market so that you will come out ahead.

Thank you
Peter ReJune
Realtor Broker Associate
Keller Williams Palm Beach
C-561-793-2493

West Palm Beach foreclosures (REO)

Yes we did it again, as of February 2013 Florida has the distinction of being #1 with the highest home foreclosure (REO) rate in the nation for the sixth month in a row. Thats up 6% over January and up 20% year over year.

There are about 15,000 Palm Beach County foreclosures that were filed between 2007 and 2010 that are still unresolved with a total of about 30,000 foreclosure cases pending as of the end of January 2013

Now as bad as our  REO numbers sound Palm Beach County was not ranked in the top 10 REO spots for the nation. Florida did grab 7 of the top ten national spots, Miami was awarded the #1 position, Orlando at No. 2, Ocala No. 3,Tampa No. 4, Palm Bay No. 5, Jacksonville No. 8 and Naples No. 9. but as you can see Palm Beach County wasn't one of them.

So in other words Palm Beach County seems to be slowly but surely making progress digging its way out from under its REO back log. As a result of demand for good housing in Palm Beach county banks will be very receptive to get their REO inventory back on the market ASAP. This bodes well for first time home buyers who are finding good quality valued homes harder to find. Many of our REO properties often are in very good condition and priced to sell quickly, getting multiple offers within the first week of availability. So any increase in REO inventory will represent OPPORTUNITY to thousands of buyers.

If your interested in tracking the REO inventory in Palm Beach county you can do this right from my website  http://peterrejune.kwrealty.com/ look under communities served, click the area that interest you, and you will find regular listing, REO and short sales for that area.

Good luck,

Peter ReJune
Keller Williams Palm Beach
Direct-561-793-2493
realestate53@comcast.net