In real estate, we all keep an eagle eye on the geography we specialize in. As I've said before, that's the best indicator for the LOCAL market. And every Seller is selling LOCALLY; Buyers are buying LOCALLY. So picture a geographic rectangle in West Palm Beach (Palm Beach County), Florida - near the Intracoastal waterway and containing a fairly good number of historic districts and close to the heart of downtown.
In the heyday of real estate here, when inventory flew off the shelves, in "my" rectangle there were generally about 175 properties on the market at any one time.
For the past 1-2 years the inventory has been 550-575. Big OUCH!
So, when I ran the inventory numbers on June 23rd and saw 497 my heart raced and I put that number in a big circle. Hey I'm easily excited .... but decided to be cautious in my optimism. I ran that inventory number today and it was now 484.
A combination of unrealistic Sellers finally "getting it" and removing their overpriced homes and a uptick in sales. We're also seeing a slight escalation in sales prices locally. The breeze is refreshing. Now truly IS the time to buy.
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