After 6 months of continuous Summer weather, I am ready for some cooler Fall weather to descend upon us. I didn’t plan on that cooler weather arriving with a hurricane named Milton. Fortunately, for East Coast Floridians we did not receive a direct hit from Milton, however, several tornadoes did sprout not to far from where I live and, with what appears to be immense luck, no one was hurt with this very dangerous weather event. Nowhere comes without weather challenges, but if Mother Nature is listening, every Floridian would love for her to take a very long vacation from pounding our shores!
Speaking of storms (this time of the figurative kind), South Florida sales activity this summer slowed down significantly compared to the Covid Tsunami of Buyers purchasing all year round from 2020-2023. Summer has always been our slower selling period, and I am happy to report "normalcy" appears to have returned! When the calendar hit October 1 this year the sales activity came alive with sales in all price ranges and communities.
The most recent August sales reports reflect this slower summer time frame. Northern Palm Beach County closed sales were down 10.99% from August of 2023 with median sales prices increasing 2.3%. We are also edging closer to a more balanced market between Buyers and Sellers with 14.2% more new inventory coming on the market last August and existing inventory rising 26.5%. The overall months supply of homes in Northern Palm Beach County has risen to 5.1% -- falling within the definition of a balanced market between Buyers and Sellers! This is likely a welcome relief to individuals thinking of purchasing a home in Palm Beach County this next season.
Of course we have to remember all real estate here in South Florida is hyper-local down to each neighborhood or condo building. One neighborhood could have an over supply of homes for sale which tips the market there to a Buyers' bargaining position, while another neighborhood has limited inventory granting the Seller dominance of that sale. This is where the knowledge of an experienced Buyer's agent can guide you through the process of buying your next home. Or as you're considering selling, an experienced agent should be able to position your home toward the highest market price, while noting the sweet spot that is neither undervalue nor overpriced when entering the market.
Welcome to Fall -- a season marked with change!