Notes from Anita: Market Update

Happy August to everyone! As a proud Leo, this is always one of my favorite months. I realized earlier this week I haven't been to the beach in a while, and today I'm going to change that. So I'm making a point to refresh my memory and soak up the last few summer ocean breezes along the way. It's sometimes hard to visualize when seasons shift here in the land of "endless summer," but there are always signs transition is near. Summer is winding down and the kids in Palm Beach County go back to school in just over a week. The pace begins to pick up and fall and winter holidays are suddenly on the horizon. But some things in South Florida remain consistent...the beach and its warm breezes are always here to center my pace. I hope you soak up the rest of summer's rays and enjoy all the subtle transitions we have here into a new season

All of that said, I know the reason we're here is to discuss the current market trends -- another place transition can be somewhat subtle here in South Florida. But, friends, these trends are interesting! The market here is definitely returning to a more normal schedule, but that doesn't mean anything else is normalizing. Depending on where in South Florida you are looking, some will say prices have stabilized this summer (I'm looking at you, Jupiter). But then we look toward the southern part of Palm Beach County and prices are still going up, up, up (hello, Boca)! Some will say, inventory is down, pending sales are down, time to close is up - and point to a slowing market (Boca numbers, again). And in the same breath one town over, we can see listings going on the market at a 30% increase over last year with a >20% increase in sales price (Delray Beach). And this is all in Palm Beach County! South Florida has always danced to its own rhythm in the market (because not only are we are a vacation destination, but corporate relocation has also ticked upward -- both bringing in a slew of out of state buyers), and these stats do not want to be generalized!

But my advice and opinion remains the same as it has for my entire career -- it is always a good time to buy. Why? Because the market never accounts for your specific needs in life. The best time to buy (or sell) your home is when you need or want to do so. My job is to make sure your needs can be accounted for given the market you enter. South Florida may be inching closer to a balanced market, but I'm not ready to declare it stabilized. The Fall market predicts a change in interest rates before the end of the year, and with the trends outlined above, I think we're going to see a market frenzy before the winter holidays. If you're entering the real estate market in South Florida within the next few months, let's sit down and discuss strategy now. Because being prepared is the best way to navigate every market condition.