What a difference a month makes and a lot has happened since we last updated the pending sales data in the north county area. The biggest news affecting us all was the downgrading of the credit rating of the United States. One would think that would make interest rates jump but alas the Fed jumps in and announces they are going to try and keep them artificially low for at least the next two years. I, for one, certainly hope they can but I think that was more posturing in order to calm the equity markets more than anything else.
On the front lines, real estate sales in July were down across the area and some of that has to do with inventory levels that continue to shrink. Foreclosure numbers are also way down and we are still taking a wait and see attitude as to whether the 50% dip we have been seeing over the past few months is here for good or if this is just a lull before the next storm. Interesting times indeed.
Every month at this time we take a look at the level of pending real estate sales in the north county area as it is the most important metric when determining what future sales will be. Our July 15th reports throughout the north county area showed a mixed bag with some towns seeing an increase while others had fewer pending listings so again I was very interested to sit down and pull the latest information to see what the last 30 days look like. Could we move back towards those record levels now that summer was staring us in the face? Or would we see a continued and somewhat expected slowdown?
This month in Tequesta pending listings stand at 23 down up from last months level of 20 and the only municipality in this month’s update to show an increase. Perhaps a leading indicator for the rest of the market; let us hope so. This months increase brings us quite a bit above the 17.8 monthly average we have experienced over the past year. The next couple months are going to tell us a lot about where this market heads as we move through the summer months so keep tuned in and we will bring you the latest.
As always, my goal when working with each of my clients, is to fully understand their unique, individual needs and design a program that will successfully ensure their goals are met. “Results Driven Real Estate” is a promise of the highest level of service in the industry and if you would like a complimentary consultation to discuss your particular situation in more detail please feel free to contact Tom at 561 308-1075 or via e-mail at [email protected] We would be honored to be of assistance in any way that we can.