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One thing everybody seems to be talking about in Palm Beach County is real estate. With the New Year here, the fiscal cliff crisis resolved and things looking up for much of the country – many people are looking at buying or selling real estate. Interestingly, it’s a great time for buyers and sellers alike! Here are some statistics plus a link to more stats and a great resource where you can get an in-depth report on your neighborhood.
Inventory Levels Indicate Strong Sellers’ Market
At last check, in November 2012 the number of months’ inventory on hand was just 4.7 months. What that means is that if nothing were to change, it would take 4.7 months to sell the current (at the time in November) inventory. In some areas we are seeing just one to two months of inventory.
In a sellers’ market, we typically see things like multiple offers coming in on properties, price wars and artificially inflated sale prices. With this market, homeowners can finally jump off the fence and list their home with the reasonable expectation that it will sell for top dollar, quickly and with the least amount of hassle.
Unprecedented Increase in the Number of Pending Sales
Year over year, we saw a 66% increase in pending sales. This indicates a very strong marketplace with an upswing of activity that is projected to continue in the coming months and year. For buyers, this is an excellent time to be investing in real estate. Interest rates continue to hover at all-time historic lows but Palm Beach County is seeing rising prices.
For sellers, there couldn’t be a better time to list a home. Not only can you expect top dollar but also most homes are selling quickly. In fact, some homeowners will be glad to find that they may not be underwater as they once thought they were.
As always, we welcome the opportunity to assist you with all your real estate needs, whether buying or selling a home. Feel free to contact me directly on my personal cell number at 561 352 3056.
Also, as mentioned in the video, you can visit www.palmbeachcountyrealestatevalues.com for comprehensive market reports about your neighborhood.