January 2019 figures have been released, and WOW!… What a difference in the real estate market stats, as we start out 2019.
We saw a tremendous jump in inventory, which has significantly increased our supply of homes – and changed the dynamics of the market. It’s official, we are predominately a buyer’s market.
There is a good trend here. Sellers, you may not love the shift, but in the long run it is the best thing for our economy – and for all of us in South Florida.
With inventory rising and closed sales down for the second month in a row, there are many more choices for buyers. The over-abundance of over-priced homes may be impacting the sales growth that our stats show.
Prices are starting to level out – and many agents are finally coming to the realization (we have been telling everyone for months! ?) that they need to adjust their prices to more realistic numbers – so that we can start moving properties again in Palm Beach County.
Several of our clients have asked why closed sales in January are down, in terms of the year-over-year figures. (We have the savviest clients!) Our thoughts, which are also supported by economists reports from Florida Realtors, are that this is due to mortgage interest rates, stock market volatility and the temporary government shut down. All of these occurrences may have impacted our January closed sales. Quite frankly, consumers were focused elsewhere – and with many homes over-priced – they decided to wait!
All of that said, we guarantee that if you price right, and your listing agent markets your home the right way (versus simply putting it in MLS and praying), then your home will sell. The All About Florida Homes Team put six homes under contract in January – it can be done!
Contact us at (561) 571-2289 – or via firstname.lastname@example.org – if we can provide you with any additional market data that will help inform your decisions! We are here to help – with no obligation.