Hobe Sound Pending Home Sales Take a Step Back for the 1st Time in 4 Months

Thirty days ago I reported here how every one of my main market areas in north Palm Beach County with the lone exception of Palm Beach Gardens reported increases in pending home sales for the third month in a row, most of which set new year long highs. These statistics showed a local real estate market that continues to recover quite nicely. Once again I was excited to get back to the data this month and see what has transpired since then but based on the activity I am seeing things continue to get better and better on the real estate front lines. It really is very difficult to find good properties in many locations in certain price ranges. Pending and contingent home sales data are very important metrics when determining how strong real estate sales will be in the months ahead. I like to carefully review this information for each of the communities where I am most active on at least a monthly basis as it gives me a heads up on what the future might bring for my clients. 

When a bilateral contract is entered into there are typically contingencies, historically mainly for home inspections and financing, but in today’s world many times they are short sales waiting for third party, or bank approval. Once these contingencies are lifted the change should be properly recorded into the MLS system as “pending”. History  shows us that the large majority of pending listings will ultimately close, usually within the next two months. The volume of both contingent and pending listings is a good leading indicator of what we can expect in closed sales of Hobe Sound homes in the weeks ahead.

Over the past 30 days in Hobe Sound we have experienced a decrease in pending home sales with 45 on May 15th down from the 53 we had on April 15th. While I would love to see this number continue to increase we are still at very good levels when comparing todays numbers to those that we saw in January and February when we sat at 26 and 28 respectively and we remain very near year long highs. Still, now that the season is officially over we need to see how strong the market remains without our northern friends in the mix.

A professional real estate agent watches the market trends very closely as the data is very important to our clients, whether they are buying or selling, to paint a picture of where the market may be heading. If you would like any additional information on a specific home, neighborhood, or community please feel free to contact me. I am easily reached at 561 308-0175 or via e-mail at tom@tompriester.com and would be happy to be of assistance. After just one call you will know why "Results Driven Real Estate" is your top choice for professional real estate services in Hobe Sound and the surrounding areas.

Always at Your Service,

Tom Priester   e-PRO

"Results Driven Real Estate"

Keller Williams Realty

561 308-0175

tom@tompriester.com