All Entries Tagged With: "Housing Inventory"

Housing Supply Shrinking Home Sales Increasing

The July residential statistics have been released from our regional Board of REALTORS® and shows our housing inventory in the local market has decreased by seven months since January.  Covering Palm Beach County, Martin County and St. Lucie County, the association states that 12.6% more of homes were sold this year over last year.  Leaving our current housing inventory for single family homes at 13.5 months for Palm Beach  County, 6.9 months for St. Lucie County and 15.3 months for Martin County.  Townhomes and condos were at least 4 months longer in inventory across the board in all three counties.

However, median sale prices decreased from 2008 to 2009.  St. Lucie County suffered the biggest drop in prices at a -28.5% decrease from $144,000 to $103,000.  Martin County decreased -20.7% from $290,000 to $230,000 and Palm Beach County a -16.5% decrease from $285,000 – $238,000.  Personally, I like the sound of that.  Prices are lower and demand is picking up.  I see a potential for some sweet equity down the road.  A great time to buy and a great time to invest.

It looks like Palm Beach County is strong with current real estate sales activity.  As of July 2008 total number of units pending and contingent is a strong 3,394 single family homes versus St. Lucie County with 1,709 and Martin County with 450 single family homes.

Lets see what happens over the next few months.  I’m hoping the tax credit is at least extended and sales continue.  Without the tax credit extension, I predict sales will drop off.  But, I just don’t see our government letting that happen.  We’re headed in the right direction. UP!