Want to know what top events are happening in Palm Beach County in the month of September 2022? Listen to Noreen Payne’s video overview. Join us every month for highlights of top events in the area!
Check out our new listing in Delray Beach. A tropical oasis in the highly sought after community of Lake Ida in the heart of East Delray! 3 bedroom and 2 bath with a 1 bedroom and 1 bath Studio. Exotic lush landscaped almost a 1/2 ACRE surrounds this old Florida charming home.
Want to know what top events are happening in Palm Beach County in the month of August 2022? Listen to Noreen Payne’s video overview. Join us every month for highlights of top events in the area!
Based on June numbers, our Palm Beach County July market report is proving to be very interesting. If you watch, the media is touting doom and gloom for real estate around the country – and while things have definitely slowed from the frenetic pace that we’ve experienced over the past few years, the Palm Beach real estate market is far from doom and gloom. In fact, as we’ve stated in our past reports these last few months, when marketing properly and priced appropriately, homes are selling…period!
HOWEVER, our reality is that the market that “was” is not the same now. That market was unsustainable, and we all needed it to soften a bit. Inventory was lacking at all price levels but we now have more inventory! Demand is still high and with inventory increasing, Buyers have more choices. Now more than ever, when Buyers have options, Sellers need to pay more attention to how their home looks, how it is priced, and how it is marketed. If you have been reading our reports you know that one of the leading indicators of the market is inventory – if nothing new came to market – how many months would it take to “consume” all that is available – you also learned that a balanced market is 5-7 months of inventory; below 5 is a seller’s market and above 7 is a buyer’s market. While under $999,000 is still a Seller’s market – our months of 1 or 2 months of inventory has now reached 3 and 4 months of inventory – inching towards a balanced market. Over $1,000,000 – is sticking at 5 months – low end of balanced but nevertheless balanced.
So, what makes this interesting? Well, as expected, the higher interest rates have cooled the market (at varying price points), certainly hasn’t stopped the market but rather slowed it down. For the first time within the past year, June results show that year over year results have declined. As it relates to closings, last June happened to be higher than normal but we cannot ignore the fact that the astronomical increases have ceased. Closed sale numbers are similar to pre-pandemic numbers; however, prices are up substantially.
In Palm Beach County, prices remain strong but the price points are responding to the increase in inventory. There are simply more options for people. Driving around we see more signs – we see more price reductions – we have more competition.
So, Buyers, this is the first month in sometime that we are reporting good news – there are more properties!
Sellers, it continues to be very good news for you as well. Buyers are still relocating to our area! Price properly, ensure marketing is firing on all cylinders and ensure you partner with a Realtor or Team who knows how to get you to the closing table. Given that there is more inventory, buyers may exercise their right to cancel under inspection. Experience and Finesse is needed to keep deals together .
Looking for the right partners? The Amy and Noreen Team of Lang Realty are ready to spend time with you, educating you on the market and rolling up our sleeves to continue doing what we do best!
The results are in from May’s Florida real estate market and as predicted in our last few updates we are at a balanced marketnow for $1,000,000 and higher in Palm Beach County. We have watched it tick up slightly each month and with the influx of inventory we are officially there. That is a good thing for all of us. However, in Palm Beach County – all price points are not a balanced market – $600,000 and below is still very much a strong seller’s market. As we have shared many times – the average across Florida (and across the country for that matter) is not representative of Palm Beach County – to a degree, we are protected with many people still wanting to come to our area and enjoy the benefits of living in South Florida.
All of that said, there are some stark realities that we need to accept – current events in our world is impacting the real estate market as a whole. We are seeing what we would call a “pause” people evaluating their next steps – leveraging more of their wealth in real estate and less in the stock market; will home prices hold their value? This analysis in conjunction with an increase in interest rates and more inventory coming on, in all segments; we are now back to pre-pandemic marketing strategy of selling homes – for those of us agents who know how to really sell a home versus simply putting it in the MLS – this brings a big sigh of relief. We can move back to quality and our clients can trust that they are working with experienced professionals.
Showings with agents “selling” the attributes of a home, staging a home, curb appeal, spending money to really market a home – print media, social media, videos, photography, drones, 3d tours, advertising – it is all coming back for our luxury market. While we know many potential sellers reading this report are thinking “how is this good for us selling our home” (versus flying off the shelf that we have seen for the past several years) – please know that, simply put, if our market continued to increase at the rate it has – it is not, in our humble opinion, sustainable. At the same rate – we are still experiencing the effects of supply and demand; supply continues to be lower than pre pandemic. Our area is highly desirable and homes will continue to sell.
Who you partner with to Sell your home or Buy a home – really makes a difference now more than ever.
If you want to learn more about the market or how we can help you with your own real estate needs, please contact us at 561-571-2289
Want to know what top events are happening in Delray Beach the month of July 2022? Listen to Noreen Payne’s video overview. Join us every month for highlights of Delray’s top events.
Check out our listing on this waterfront community in South Florida. 3 bedroom, 2 bath condo, 1,515 square feet. The Moorings consists of three buildings with amenities galore. Including valet service, two pools, clubroom, a spa, and many retailers such as the Wine & Cheese Cafe and Nina’s Coffee shop to name the view.
How to pick a listing agent when selling a home – it’s a critical life decision! What to look for? The ability to analyze the real estate market, price the listing, plan and execute a good strategy to sell your home… these are important. But there’s one more element to consider. Watch this quick video to get Noreen’s take on how to make this important choice.
