How is the market doing in Palm Beach County? Today I’m going to break down the numbers for you and show you how you can win no matter if you’re a buyer or a seller.
There’s some really good news from the March market. For sellers, our median price went up 6% to $350,000.
Even more important than that is what’s going on in your price point and neighborhood. Real estate today is very local; there’s no one-size-fits-all approach.
- Between $300,000 and $400,000: There are only 3.18 months of inventory
- Between $400,000 and $600,000: We’ve returned to a seller’s market with 4.78 months of inventory.
- Between $600,000 and $1 million: We have 6.9 months of inventory, which is a huge improvement. Depending on your community, this could be a super hot market or a cooler one.
- More than $1 million: There are a lot of opportunities and deals in this price range, where there is almost 13 months of inventory available.
Though much of this is good news, there are still mistakes that I see sellers making. Many of them still think that if they want more money for their homes, they just need to increase their asking price. This is the worst thing a seller can do. How can you get the most money for your home? You have to price it in the market sweet spot. Identifying that spot is where an agent’s experience comes in to play. With an agent’s help, if you price your home in the sweet spot, it will cause buyers to want the home, thereby driving up the price and allowing you to get great terms.
If you’re thinking about selling, we’re here to help you get top dollar. For buyers, especially those in the lower price points where the competition is intense, you’ll need help creating a strategy to get your new home. So no matter which side you’re on, if you need assistance or have any questions, please don’t hesitate to reach out to us. We want to help you.