The Palm Beach County Real Estate Inventory is Shrinking...

...So Act Now If You're Interested in Purchasing a Home

Palm Beach County Real Estate Market ShrinkingJust as we start to see some positive news relating to the Palm Beach real estate market, another problem presents itself. Earlier this week the Palm Beach Post reported that existing single-family home sales around the Palm Beach area increased 22% in October from this time last year. In addition, single-family home sales are also up an encouraging 12% from this past September. Prices for homes on the Palm Beach real estate market are also climbing and have seen a 23% hike since October 2011—a sure sign of an improving market that desperately needs a boost. The problem however, is that with more homes being sold and less homes being built around the Palm Beach area, the remaining inventory has shrunk to dangerously low levels. In the Palm Beach Post report, statistics are showing a 4.7 months’ supply for Palm Beach homes for sale in October, while the national average is hovering around a 5.4 months’ supply—the lowest national average since 2006.

One of the main reasons being cited for the lower inventory and higher price point is the shrinking foreclosure market in places like Palm Beach, Jupiter, Palm Beach Gardens, and other surrounding communities. In fact, Palm Beach County actually saw a 33% decrease in foreclosure sales last month, meaning distressed home owners have either sold their home or obtained some form of steady income and are able to make monthly mortgage payments again.

Depsite the low inventory, this much is certain when it comes to these latest figures: the increase in home prices and the decrease in home inventory is very encouraging for the equity of existing homes in the area and the overall all state of the market. The bad news, however, is that as the market inventory continues to fall, the chances home buyers have to find their dream waterfront home or vacation condo in Palm Beach are becoming slimmer and slimmer as each day passes.

So if you’re interested in real estate for sale around Jupiter, Palm Beach, Palm Beach Gardens, Tequesta, or other Palm Beach County villages, you better act fast before its too late. Contact Dylan Snyder with the Snyder Group today at (561) 951-9301.  

Dylan Snyder is a seasoned real estate professional serving the Jupiter real estate market, Palm Beach real estate market, Palm Beach Gardens real estate market, North Palm Beach real estate market, and the surrouding Palm Beach County area. Along with being a top producer in Jupiter real estate, Dylan's professionalism and expertise in luxury and waterfront real estate sets him and his team of real estate experts apart from the competition. For more information on Jupiter and Palm Beach real estate for sale, contact Dylan at (561) 951-9301.

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