Tequesta Pending Sales Drop to 9 Month Low
The local real estate market continues to chug on down the road towards another season and our northern friends can already be seen around town. Every time I drive by one of the clubs a truck is out front unloading cars. It will be interesting to see the impact they have on real estate sales in the upcoming months. One thing for sure is the market is constantly changing; this week interest rates were up considerably as were foreclosures for the second week in a row. Inventory levels remain very low and are no doubt having a negative impact on sales levels throughout the region. And today we get to take a deeper look into what has happened to pending sales levels in the north county area over the past 30 days.
Pending sales are the most accurate predictor of what transactions we can reasonably expect to close escrow in the coming 30 to 60 days. Each month we track 5 different municipalities and bring those numbers to you to keep you in touch with where the market is heading as this affects everyone who is, or contemplating, either selling or buying property.
Last month we came out with out very first “power rankings” for pending sales as it will give us all a good picture of where we are seeing the most strength. Last month pending sales were down through out the region with Jupiter making the best showing with a 1% drop. So here are the rankings for October where we start off with Tequesta.
#1 Juno Beach –
#2 Hobe Sound –
#3 Palm Beach Gardens –
#4 Jupiter –
#5 Tequesta – down 19%
The good news is three of our market areas showed an increase; two were double digit increases but we start with this months #5 performer, Tequesta and after a 9% drop last month they follow that up with a more significant 19% drop this month. Pending listings stand at 17 down from last months level of 21 for our second consecutive decrease. With this months drop we remain about 16% below the average we have seen for the previous 12 month period which sits at 20.33 per month. On the good news front we are above where we were at this time last year when we only had 13 pending sales. The next couple months are going to tell us a lot about where this market heads as we head closer to the season so keep tuned in and we will bring you the latest.
As always, my goal when working with each of my clients, is to fully understand their unique, individual needs and design a program that will successfully ensure their goals are met. “Results Driven Real Estate” is a promise of the highest level of service in the industry and if you would like a complimentary consultation to discuss your particular situation in more detail please feel free to contact Tom at 561 308-1075 or via e-mail at [email protected] We would be honored to be of assistance in any way that we can.