Mixed Tequesta real estate picture as the summer vacation begins
Paradise Sharks has been telling you summer vacation was coming to the real estate market in Tequesta and the surrounding communities that encompass the Northern Palm Beaches. Expect a summer slowdown in both real estate sales and new listings as there is little doubt as to what is heading our way over at least the next 2 or 3 months.
A big meeting of real estate bigwigs wast held last week in New Orleans and wish I could have been there as it’s a great scene that this shark loves. Awesome history, architecture, food and music at every corner. To go cups at the door of every drinking establishment. The bigwigs appear evenly mixed as to where the national real estate market is heading. Some say things are looking rosy with pent up demand and an improving economy with other saying inventory shortages and prices that have steadily risen higher than what many buyers can afford will cause things to slow down.
Things will slow down here this summer and prices have not been much to shout about which to us are both positive signs as we move forward. The national and international economy is the key and if those in charge of such things can keep the economy chugging along real estate here in paradise is going to be just fine.
Since the first of June we have seen, as predicted, a decline in both pending home sales and inventory levels in the Tequesta area. Over the past couple weeks inventory levels have dropped about 1.9% to the lowest levels we have seen in five months. Pending home sales experienced a much steeper fall, down 5.7% to the lowest levels we have seen in 3 months.
If you have been following our journey you know that so far 2016 has not been as strong as we have become accustomed to over the past few years. A year ago in this column we reported that pending home sales had fallen 1.8% over the same period so once again we fall well short of year ago numbers. Median condominium prices in the area have been on the rise but for the 1st time in five long years median single family home prices are unchanged from where they were in 2015.
Please remember that real estate is a significant investment and any of your decisions should be made with all the pertinent numbers at your disposal. The property you are thinking of buying, or selling, may have a completely different set of metrics than one in a development across the street. At Paradise Sharks we want to educate you, not sell you, and if we can EVER be of help in ANY way you will find we are SUPER EASY to reach at 561.308.0175 or firstname.lastname@example.org