Tequesta Area Pending Home Sales Fall to 3 Month Low
First decline after 4 straight months of improved numbers
As we say goodbye to May and hello to June we are facing the summer months in south Florida head on. While we are still 19 days away from the "official" start all the signs of summer are here. Memorial Day has past. Our winter visitors have moved north. Humidity is returning to the air. The beach has more elbow room. The real estate market starts to show signs of slowing down a bit.
While we have seen solid price increases so far in 2014 sales have not been nearly as robust as last year. In fact, pending home sales in the first quarter were down just about 20% from 2013 levels. We now have 2 months of the second quarter in the books and things have improved but we are still about 15% behind last years' numbers. We had 9 straight months of declining pending home sales between April 1, 2013 and January 1, 2014. Since January we had seen higher numbers for 4 straight months. Things were looking up. Until today.
Pending home sales in the northern Palm Beach County region fell 3.5% over the last month to the lowest levels we have seen since March 1st. We trail year ago numbers by 16%. As we reported yesterday, inventory levels in the area fell to the lowest levels we have seen in over 6 months. Buyers have fewer choices and if demand stays constant over the summer months prices should continue to climb. The question is as we countdown to the official start of summer is how hot will demand remain over the next few months. Time will tell. Always interesting always fun.