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5.5% drop another sign of local real estate market strengthening
Yesterday we were pleased to bring you the news that pending home sales in the northern Palm County Region soared 15% over the last 30 days. That news brought us to a new 9 month high and now today we get the opportunity to check in with our first of the month report on home inventory levels.
And what a report it is. Keep in mind that it has been since August 1st of last year that we could say "home inventory level drops". Yes, that is true we have had inventory climbing in the region for an amazing 7 month stretch. Until today. And it just was not just a few units lower in was a very strong 5.5% drop from the values we reported back on March 1st.
Why this is significant is it comes at a time when the market seems to be hitting on all cylinders. Remember it was just a few weeks ago that we reported in this column that median single family home prices in the area were up again for the 4th straight month. And we are talking an increase during that period from 5,000 all the way up to 5,000. In 4 months people that is an amazing performance.
And if we see inventory starting to wane we can easily see these price appreciations continue. With a 9% jump in a 4 month period with rising inventory levels if demand stays constant and inventory shrinks; watch out! Always interesting, always fun.
Tom PriesterPrincipal Broker
Paradise Sharks Real Estate
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