Pending Home Sales in Palm Beach Gardens Down Slightly
The local real estate market continues to change on a daily basis and the traditional ebb and flow is amazing to watch. This is our last update of pending home sales in 2011 and what a year it has been. Inventory levels have shrunk dramatically, prices remained under pressure, sales have been solid and we are well positioned for heading into the new year.
Pending sales are the most accurate predictor of what transactions we can reasonably expect to close escrow in the coming 30 to 60 days. Each month we track 5 different municipalities and bring those numbers to you to keep you in touch with where the market is heading as this affects everyone who is, or contemplating, either selling or buying property.
Last month pending sales were split through out the region with Tequesta and Palm Beach Gardens both showing gains and Jupiter and Hobe Sound numbers decreasing with Juno Beach staying level. The lack of inventory is making a huge impact on these numbers as there are buyers wanting to take advantage of prices that are still a bargain and interest rates that are ridiculously low are lined up waiting for the right opportunities. The good news is we have seen some increases in inventory but they have been small. Now we take a look what has changed since our last report and here are the December Pending Sales “Power Rankings”;
#1 Hobe Sound
#2 Jupiter
#3 Palm Beach Gardens - down 10%
#4 Tequesta - down 13%
#5 Juno Beach - down 14%
This month all 5 communities had double digit changes in the pending sales levels so the market is moving; however three showed declines with two reporting very nice increases. This month our 3rd place finisher is Palm Beach Gardens with a 10% decrease in pending listings that stand at 112 which is 12 units below the 124 level the previous month. With this months level we remain 11% below the average we have seen for the previous 12 month period which sits at 125.75 per month. We did fall slightly behind of where we were at this time last year when we had 115 pending sales. The next couple months are going to tell us a lot about where this market heads and if we see more foreclosures put on the market which is the only thing stopping prices from finally rising.
As always, my goal when working with each of my clients, is to fully understand their unique, individual needs and design a program that will successfully ensure their goals are met. “Results Driven Real Estate” is a promise of the highest level of service in the industry and if you would like a complimentary consultation to discuss your particular situation in more detail please feel free to contact Tom at 561 308-1075 or via e-mail attom@tompriester.com. We would be honored to be of assistance in any way that we can.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
561 308-0175
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