Palm Beach County Latest Market Update
Latest Palm Beach County Market Update!
What is the real estate market doing? I am getting a lot of questions right now,. I thought you might be asking that too? Well, the answer is a little bit more complicated. It really depends. It depends on whether you're buying, selling, or investing. And here's the big one, it depends on what type of property you're interested in. We still have some areas and some types of properties that are seeing multiple offers, and even going over the asking price. Now, that may be a shock, because if you watch the news, either locally or nationally, it sure does seem like the whole real estate world is falling apart. It's simply not true.
A year ago, if we look at months of inventory, this is a big key important factor. If we look at a year ago, it was 1.1 months of inventory. That means with the activity that we had, if no new homes were put on the market, in one month, all the homes would be sold. That's crazy right now, that was a year ago, what is happening a year later, we had 3.4 months of inventory. Now the sky hasn't fallen right, it's still by definition, a seller's market. It's just when you're used to a month of inventory, it feels drastically different. So, what else is important? Well, in January, the number of properties that went under contract went down 26%. It's not a big shock, because pending’s are an indication of what happened in November and December.
And in those months, people were still adjusting to what is happening in the real estate market. Now closed sales were also down, they were down 33%. Again, not a big shock. And prices were down 10%. Now, not all neighborhoods are down. And they're certainly not down like many buyers think they are, it's 10%. That is understood, because obviously our interest rates went up which impacted affordability. The last thing I'm going to share with you is we're used to a property being listed, having 20-30 offers, offers, and in three to five days is under contract.
The days on market has also gone up. A year ago the average days on market was 15 days. A year later it has gone to 41 days. If you see a property that's been on the market for 20 or 30 days, it's not that abnormal.
Now what's going on in your neighborhood or in the neighborhood you want to buy in? We want to help you find out those answers and be your real estate resource. And save a lot of mistakes by both homeowners and buyers out there when they're looking to either buy or sell and we want to help you avoid those mistakes. When you get everything right, you win. You win, either by winning in your offer to get your dream home or winning to get to the closing table.
Let's chat about your goals, your needs, and your circumstances, to see how we can help. You can always call me, send me a message, or shoot me an email. We're here to help you understand the real estate market today; what's going on today so that you can get your goals and make your dreams come true.