Considering that buyers have very limited inventory in many neighborhoods, it was good to see that sales strength was solid. While inventory levels increased 5.3% in January, they actually fell slightly over the past 2 weeks. The key factor is, compared to last year, the number of homes on the market for sale is down a very significant 15%. It has been many, many years since we have seen so few choices for home buyers in the Palm Beach Gardens area. It’s not bound to get better anytime soon.
Interest rates were down again this week, and now sit at the lowest levels we have seen since way back in November of 2016. There has never been a better time to borrow money. Demand for homes is high, with people pouring into the state of Florida. Interest rates are low so they can borrow more, but there just isn’t much for them to buy. The economy remains strong, but the divide in this country is as deep as it has been in 50 years, and maybe even longer.
Limited supply mixed with a healthy demand is, in a perfect world, a recipe for price increases and that is where this market appears to be heading. Home prices had been stagnate in the Palm Beach Gardens area for about 8 months, but with seasonal home buying kicking into gear prices should be climbing. Watch for brand new 14 year highs in median condo prices and a new all time record high in single family home prices in the weeks ahead.
Living in paradise is a real treat, but an expensive one. It’s one reason Paradise Sharks continues to do everything we can to keep our customer service high, our marketing world class and our value at levels most of the competition can only dream about. Our “let’s set a record price” marketing starts at commissions as low as 4% and our buyer clients almost always get a substantial credit at closing. They don’t even have to ask, we just do it, as our little way of saying thanks. Paradise Sharks loves to be creative and we love to save our clients money. Complimentary consultations are easy to set up by contacting us at 561.308.0175 or firstname.lastname@example.org. Take a bite out of high real estate costs by swimming these waters with the shark.