How Home Sellers in Palm Beach County are Reacting to the Coronavirus
The coronavirus continues to wreak havoc on the real estate market as a large number of buyers of both residential and commercial properties continue not to move forward with their existing transactions. Beyond just buyers of real estate, residential sellers are also reconsidering and removing their property from the market.
Locally in Palm Beach County there has been a sudden spike in residential property listings that have been cancelled or temporarily removed from the market.
According to the Multiple Listings Service (MLS) from March 1st to March 30, 2020 there has been more than 1,500 residential property listings in Palm Beach County that have been changed to a “Cancelled” or “Temporarily Off Market”. This represents more than a 50% increase based on similar cancellations from February 2020.
The following chart below outlines the sudden increase in cancellations / temporary off the market as compared to prior month and prior year levels.
In the following table you will see the specific number of residential property listings that have been either cancelled or moved to a temporary off market status.
|Palm Beach County|
|Listings Cancelled or Temp Off Market|
With approximately 12,500 “active” residential listings as of March 1st, one can reasonably conclude that the coronavirus pandemic is the cause for more than a 10% decline in the countywide inventory level.
While we at Quantum Realty Advisors, Inc. have not experienced a cancellation on any of our residential real estate transactions in process due to the coronavirus, it is something that we remain keenly aware of at this time. Although home buyer traffic for March has been extraordinarily light, our clients have continued to engage our services on new properties as our residential pre-listing process takes several weeks to adequately prepare a home for sale.
For the latest published reports on the South Florida real estate market, please CLICK HERE.
Are You in Need of Help?
If you are a residential property owner or small to medium-sized business that has been adversely impacted by the coronavirus, there are things that you can do to alleviate some of the burden during this trying time. Residential property owners can inquire about possible forbearance programs from their lender while businesses can attempt to negotiate lease payments deferrals from their landlords as well as apply for Small Business Administration (SBA) loans through the recently passed CARES Act.
Our team at Quantum Realty Advisors has assisted clients through a number of economic downturns since the early 1990’s. If you would like to discuss options and alternatives for your personal real estate or commercial property obligations, please contact Chris or Amy Losquadro at your earliest convenience.
Quantum Realty Advisors, Inc. is family-owned and operated real estate company and are here to help in your time of need.
Disclaimer: This information is provided for educational purposes only and obtained form sources deemed reliable but not guaranteed. This information does not represent legal advice. We do not provide tax, legal or accounting advice. You should seek independent representation. If you need assistance finding representation we would be happy to help refer you to a qualified professional.