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

Real estate sale stats nationally

The National Association of Realtors says that based on the recent national housing stats it appears the industry could be shifting from a buyers market to a seller’s market.

Supporting data:
New home listings fell in January by 4.9%, leaving approx. 1.75 Million properties for sale which is the lowest sales inventory since 1999.
Home sales rose in January, to an annual rate of 4.92 million sales which is up from 9.1% one year ago.

So right now we have more buyers chasing a declining number of homes that are for sale. If the current pace of sales continues it will take about 4 months to sell the entire current national supply of homes on the market. Not only does this help to confirm the market could finally be shifting to the sellers side but then add to that a consensus by economists that they see sales increasing nearly 12% from last year and it really seems like a change in market sentiment.

This then explains why NAR believes sellers are beginning to have the upper hand.

Some advice for sellers:

If you want to sell quickly and get the best price possible put your feelings aside and look only at the current facts. You have to take into consideration your local resale market conditions, your homes overall condition, your neighborhood condition and your personal financial situation.

Its a known fact that homes priced to Fair Market Value will sell more quickly and at higher prices then over priced listings. Say what?

A home priced properly will get many showings its first week on the market then an over priced listing.

A home priced fairly will get more written offers faster then over priced listing if they get any offers at all.  

A home priced fairly will be contracted and closed before an over priced listing gets its first written offer.

A home priced fairly means money in your bank account sooner rather then later, or permits you to move into your new home sooner rather then later.

An over priced listing means you will be losing more and more money every single day it doesn't sell and close.

If your goal is to put as much money as you can in your pocket then hire a professional Realtor who will tell you what you need to hear not what you want to hear. You will be better off for it!