North Palm Beach County Real Estate a good buy

Posted Sep 2, 2007 @ 5:49 pm, Viewed by 340 Visitors, Read 345 Times.
The number of homes on the market in Palm Beach County has declined for 4 consecutive months now. The amount of homes for sale is still about a 24 month supply at the present rate of sales, but once the buyers understand the prices are not going lower it will pick up rapidly. There will still be isolated cases of sacrifice sales, but the trend line for home prices is basically flat at this time. What has always happened in the past is the trend on home prices is usually up about 3 to 5 % a year on average. If you get a rapid run-up in prices as we did in 2004 and 2005 and the prices get far above the line, you then get a downturn and go below the trend line to compensate. It takes a period of time from 6 months to 3 or 4 years to get back on the trend line, but it always does. It will stabilize a little above or a little below the line if carried out without the swing, but it will be back on the climb at what ever the normal climb is in that area.
 
The National Association of Realtors will give you the trend nationally, but we all know real estate is local. In fact it is the old saying that three things matter in real estate and it is location, location and location. We have some areas such as Juno Beach that do not have the large inventory overhang and then you have St Lucie County with as much as 5 years of homes on the market.
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Jim Jacobs

Jim Jacobs I am a Real Estate Broker in Florida. I had been a broker in Alaska for a number of years. My wife Ruth and I had our own brokerage there for over 20 years. Read More

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