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Palm Beach County 2011

I posted earlier the good news for Broward County, reporting that the Absorption Rate in Broward County, for both Single Family and Condo/Townhouse/Villas is below 6 months. Today I looked at Palm Beach County and found the market is good, but slightly more inventory than Broward. In Palm Beach County, Single Family Homes have an approximate AR of 7.3 months, while Condo/Townhouse/Villa are just a bit less at 6.45 months.

This past weekend, I attended the Florida Realtors Mid-Winter Meetings. It was discussed that an AR of 6 months is indicative of a stable market. In fact, Appraisers have been indicating the very same status on their Appraisal Reports. In most South Florida neighborhoods, Appraisers have been indicating such, for a 6+ months.

What does this mean?

It means that the market is balanced; for buyers and sellers. I actually just placed a home under contract in Lighthouse Point. We received our first offer in less than 7 days, and negotiated a Cash offer to contract within 11 days of listing the property. This is a good sign of a changing market; for the positive.

Sellers are not coming off their asking prices nearly as much as they once did. Buyers really need to understand this. With lower inventories, be smart in understanding the market in which you’re buying. You may be left out of it.

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4 Comments

  1. Ron – Congrats on putting your listing under contract so quickly! I love that you’re keeping us updated with all the real estate market news!

    Cheers!

  2. How often, Ron are you selling listings so quickly? Just 7 days? That’s incredible.

  3. Good question. I don’t think its a question of how often does this happen, but rather I suggest it demonstrates that when a home is priced correctly, it will sell quick. The bottom line is that there is a price for every “product”. Regardless of what the product is, the condition, etc… there is a buyer for it, at some price. In this case, we had 2 offers, one Cash and one FHA. Obviously the Cash, while lower, was the best option as it provided a quick closing, and no Appraisal issues.

  4. I’ve been looking into real estate, but I’m also quite wary of the negative feedback that I have received from some friends. It’s a good thing that you are guided accordingly whenever you attend those mid-winter meetings. Will there still be room in the real estate business for me? Any tips or advice for me?

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