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