State of the Market - April 2023

Spring has sprung here in Palm Beach County with dry and delightfully warm weather. What has also arrived is a great influx of new listings -- including an 18% increase in available single homes for sale in Palm Beach Gardens over this same time last year. The month's supply of inventory has increased to 4.6% from this same time last year when there was barely a 1-month supply of inventory for sale. The median time for a home to sell is slightly up from last year, but the median sales price hovers around the same as it was over the same period last year. This all speaks to the slowing of price increases we're all hearing reported about in homes for sale. And it flips the script slightly, creating an opportunity for today’s Buyer. If you didn’t want to participate in the bidding wars and a limited number of homes to choose from, this is your time to buy a home! There are a lot of great homes to choose from and all you have to do to get one is make a reasonable offer. So much more civilized a buying experience than the last few years.

For Sellers, there are still plenty of Buyers! My absolute favorite thing about working in the real estate industry is there are always people moving. It does not matter whether we are in a Buyer's market or a Seller's market -- there will always be both! When your home is priced correctly it does not matter which market we're in because it will get SOLD! The magic lies in pricing it right and selling it accordingly. So whether you're considering putting your home up for sale or ready to dive back into the buying game with less stress, let's take a moment to discuss your best move.