Pending Home Sales in Palm Beach Gardens of Concern
South Florida real estate seems to be starting the new year off on the right foot, interest rates sit today at another record low, single family home sales in the region were up strongly in my last article and everyone in the office seems to be in such a great mood. The upcoming weeks are full of important meetings in my life at Keller Williams with a regional Agent Leadership Council meeting coming up in Davie and our annual Family Reunion we are so lucky to be holding in Orlando this year. Excited to sit down and prepare my first pending home sale article of the new year and see how things are coming in the trenches.
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.
In our December 15th update pending sales were somewhat split throughout the region with Hobe Sound and Jupiter showing very nice gains, both exceeding 20%, with Palm Beach Gardens, Tequesta and Juno Beach all showing double digit losses. These differences show just how regional real estate is and in fact different neighborhoods in different cities can have dramatically different metrics. The current shortage of inventory is making an impact on these numbers but we have seen inventory numbers improving which should improve the choices buyers have when shopping for that new home. Now let us take a look what has changed since our last report and here are the January Pending Sales “Power Rankings”;
#1 Hobe Sound -
#2 Juno Beach-
#2 Tequesta -
#4 Jupiter -
#5 Palm Beach Gardens- down 17%
This month 2 of our 5 communities had no changes in the pending sales levels while changes experienced in the other three municipalities were far less pronounced than last month so things seem to have stabilized a bit. This month our 5th place finisher is Palm Beach Gardens our only double digit mover with a significant 17% decrease in pending listings that stand at 93 which is 19 units below the 112 we had on December 15th. With this months level we fall 24% below the average we have seen for the previous 12 month period which sits at 123 per month. We also fall way below where we were at this time last year when we had 126 pending sales. This month’s fall is a little unexpected and we need to keep a close eye as we are at multi-year lows in Palm Beach Garden’s pending sales which I hope is a hiccup and not a leading indicator of what to expect in other communities.
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 at firstname.lastname@example.org. 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