Northern Palm Beaches Pending Home Sales Drop to Record Low
Seasonal visitors have not yet provided boost to the local real estate market
We told you this season was going to be big. Really big. If you have tried to find parking at the beach, a table at your favorite restaurant or anything at Jupiter’s new Harborside Place you know exactly what I mean. Things are booming and as a good friend said the other day If you are in the restaurant business and aren’t raking in the dough this week then something is wrong.
The season is here and it is big. Really big. Just like we said it would be. We have been told of waiting lines in excess of 2 1/2 hours at some of our favorite restaurants. So just what is wrong with the real estate market? Something certainly is. Buying a great meal is one thing but so far our winter visitors aren’t writing many real estate contracts. Sure, inventory is partially to blame but we are starting 2015 off in uncharted territory. The Northern Palm Beaches pending homes sales are so poor we had to revise the scale on our chart with a new bottom. Since we have been charting these numbers this is an all time record low. Not good news.
Over the past month pending home sales dropped again. For the 6th time in eight months. The drop was steep weighing it at almost 9% over the past 30 days. Down over 30% from our 2014 high reached on May 1st. Down about 18% from the 12 month moving average. Down over 10% from year ago numbers. Down, down, down. Bad, bad, bad.
Local real estate sales over the next 30 to 60 days are going to stink. We had projected higher prices through April but on a foundation that shaky anything can happen. We still see the best priced new opportunities in most price ranges getting snapped up but we see a lot of stale inventory as well. Buyers are lined up for new listings on one street while a few blocks away there may be numerous “stale” homes on the market.
If you are even thinking about buying, or selling, in today’s market you have to know the numbers surrounding any property. They can be very different depending on location, condition and price point. You cannot negotiate effectively without knowing the facts. Dig for them, gather them, analyze them. Always interesting, always fun.
Paradise Sharks Real Estate