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Home shortage real as season arrives in Palm Beach Gardens

With the height of “snowbird” season just around the corner, the Northern Palm Beaches real estate community is hopeful that demand for resale home purchases will be strong enough to prod prices to climb from what appears to be a stalemate. Over the last 8 months in Palm Beach Gardens, and the neighboring communities, home prices have done nothing but tread water. Median prices for both single family homes and condominiums are virtually unchanged since way back in April.

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Pending home sales are down again, for the 8th straight month of declines. Over the past 30 days, the number of homes put under contract in the Palm Beach Gardens area is down 4.3%. More importantly, looking back at year ago numbers pending home sales are down 11.2%. With numbers like these, it’s important for sales to perk up as we typically expect this time of year.

The main problem is, inventory is not good. The number of home buyers have to choose from was up for the 3rd straight month, however, compared to year ago numbers current inventory is down a substantial 9.6%. The fact that condition is a significant issue for many of these listings, only compounds the problems.

Over the past three months, home sales in the Palm Beach Gardens area have not been strong. Single family home sales are down 4.3% compared to 2018 numbers, while condo sales are down a rather dramatic 13.6%. We continue to see the best new opportunities get snapped up very quickly, which shows there just isn’t enough well priced inventory, in good condition, hitting the market.

Economic news continues to be bullish and we are blessed to live in an area with very strong demand at the top end of the market. This demand typically kicks into high gear with condo buyers about January 15th, with single family demand picking up about 30 days later.

If you are looking to sell your home, your timing may never be better, Single family home prices are still near all time highs, interest rates remain near all time lows, and buyers have been blessed with the strongest economy this country has seen in many, many years. It should be a great season with prices being pushed higher, but without product to sell we may have a slower year that we typically expect.

Your home is a valuable commodity, and with low inventory you can strike your very best deal on commissions, while still demanding world class service. Paradise Sharks has our full service marketing packages available at total commission packages that start as low as 4%. Our consultations are complimentary and we look forward to showing you why paying higher fees isn’t necessary. If we can ever answer any real estate questions, or be of help in any way, you will find us easy to reach at tom@paradisesharks.com or 561.308.0175. Most real estate brokers don’t want you to know that it is a small minority of sellers agreeing to pay 6% commission these days and that 5% can be handily beat in most instances.  To get the straight scoop on real estate feel free to reach out to us anytime.


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