Homes for sale in North Palm Beach

Posted Sep 7, 2007 @ 8:34 pm, Viewed by 254 Visitors, Read 257 Times.
If you listen to the doom sayers, you will believe that homes are not selling in North Palm Beach unless the price is drastically cut. If you examine the facts it presents quite another picture. It is commonly understood that if you have less then 6 months supply of homes on the market you have a sellers market. If you have from 6 months to one year of supply you have a balanced market and if you have from a year to a year and a half you have a buyers market. If you have over 2 years of supply you have a strong buyers market.
 
At this time in North Palm Beach, Florida there are a total of 119 single family homes for sale in the MLS. In 2003 there were 132 single family homes sold. In 2004 there were 126 single family homes sold in North Palm Beach. In 2005 there were 100 single family homes sold. In 2006 there were 58 homes sold and in the year to date there have been 51 homes sold. If you project the total for the year based on the present sales it will be 77 sold for the year.
 
If you compare the 2005 sales at 100 to the 2006 sales of only 58, you have a drop of almost 50 %. The projection of 77 sales in 2007 shows a rebound in home sales. With 119 homes on the market and projections of 77 sales in 2007 we have an 18 month supply.   That puts us in a buyers market, but not in a strong buyers market. If our buyers quit sitting on the sidelines waiting for a crash in the market and bought as normal, we would have between 10 months and one year’s supply of homes and that is a balanced market.
 
As soon as the perception is that the market has turned upward the buyers will come out of the woodwork and the race will be on again. If you are waiting to get a steal, you are probably letting the bottom of the market pass you by. It is like the stock market, by the time it is apparent to everyone that the market has turned, it is well on it’s way and many have missed the bottom by quite a bit. If you are waiting for the market to build back so you can sell and upgrade your home, do no wait. The price of the upgraded home will increase faster than your home and you will be worse off then selling and buying at the bottom of the market for both.
Jim Jacobs, Broker  www.YourUltimateTeam.com
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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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