The real estate market can be a little bit confusing, especially if you’re getting your information from friends, family, or the news. So I wanted to give you some accurate information about the Palm Beach County market.
Last month, we had 5.1 months of inventory. That means we’re still in a seller’s market. If you’re looking to buy, you’re going to need to be prepared, and if you’re looking to sell, you’re going to be pretty happy.
35.7% of all transactions that closed last month were cash. There were no appraisal contingencies and no financing in these transactions. The median price was $327,000 and that number keeps rising. We still have room to grow, as the number when we were at the height of our market was around $375,000.
A question frequently asked is this: “Are you buying or selling in a buyer’s market or seller’s market?” It depends on two things: the area and the price range that you’re in. For example, if you’re buying or selling a single-family home in the $200,000 to $250,000 range, then you’re in a very strong seller’s market. There are only about two months inventory in this price range.
If you increase your budget and you’re buying or selling in the $300,000 to $400,000 range, then you’re still in a seller’s market and there’s only about three months of inventory. Sellers are receiving multiple offers for these homes and buyers are going to have a hard time beating out the competition.
If you move into the luxury market ($600,000 to $1 million range), you’ll see we’re in a buyer’s market. We have nine months of inventory in this market, so if you’re looking to buy then you’ll have plenty to choose from. The same goes for homes that are priced at $1 million or more. We have 16 months of inventory available in this market, making it a strong buyer’s market as well.
There’s always an opportunity in the market. The question is how do you capitalize on that? Here at True Group Real Estate, we’ve been helping buyers in the seller’s market get the home of their dreams. If you’re selling, we want to help you get the most money for your home.
If you’re in the luxury market and you’re frustrated because your home isn’t selling, we have the right formula to get a sold sign in the yard and you to the closing table. The formula is simple, but it isn’t easy; you need the right price, the right condition, and the right marketing. We can help.
If you have any other questions about real estate, or you’re looking to buy or sell a home, please give a call or shoot us an email. We’d love to help!