HIGH DEMAND, LOW INVENTORY, AND RECORD LOW INTEREST RATES SPEED SALES AND PUSH PRICES HIGHER
Pinecrest and Palmetto Bay are in high demand as more and more buyers look for additional indoor and outdoor space for their families. With months of pent up demand and record low interest rates, homes are selling fast (many in 30 days or less, often with multiple offers) and prices are on the rise!
In Palmetto Bay, 42 homes sold in July, up 35% from June and 91% since April. Last July, there were 31 sales, so the market hasn’t just recovered post-COVID but is up significantly since last year as well. With an additional 51 homes placed under contract in July, sales are likely to continue to be very strong in the months ahead. The huge increase in sales has outpaced new listings, resulting in just two months of inventory, compared to six months of inventory in April and five months of inventory last July. Low inventory is motivating buyers to act quickly, speeding sales and pushing prices up 12% since June and 16% since April.
In Pinecrest, 31 homes sold in July, up 207% from June and 63% from last July. With an additional 41 homes placed under contract in July, up 11% since June and 373% since April, sales are likely to continue to be very strong in the months ahead. The huge increase in sales is outpacing new listings, resulting in just five months of inventory, compared to 12 months of inventory in April and 12 months of inventory last July. Low inventory is motivating buyers to act quickly, speeding sales and pushing prices up six percent since June and nine percent since April.
With rapidly shrinking inventories and the best homes selling in 30 days or less, many in a week or less, buyers should proactively obtain a strong pre-approval from their lender (or proof of funds to pay cash) and be prepared to act quickly with no-nonsense offers as soon as homes hit the market. To avoid missing out on the best opportunities, buyers should ask their Realtor® to send them instant alerts of new listings from the MLS, “pre-market” homes before they hit the MLS, and request showings the first day properties are available without delay.
If you have been thinking about selling your Pinecrest or Palmetto Bay home, now is the time to move quickly while demand is strong, inventory is low, and homes are selling very quickly. Call your Realtor® today and ask them how you can take advantage of this amazing market.