Home Buyers in Jupiter Faced with Continued Inventory Shrinkage

Jupiter Inventory Levels Decline 4% in March

Another month has passed and many of our northern visitors have packed their bags and headed north for the summer. The local real estate markets continue to show marked improvement with the number of contracts executed to purchase homes remaining strong. Investors continue to drive the bottom end of the market and their numbers seem to multiply on a daily basis. Anyone who works with investors will attest how aggressive their clients need to be to successfully land one of the foreclosures that continue to hit the market.

Other segments remain red hot as well with well priced single family homes under the $400,000 threshold in good condition remaining a very hot commodity. In a normal market this would be a sign of higher prices ahead but then again we have not been in a normal market for a very long time. Housing demand remains stronger than at any point over the past few years and frankly there is not enough inventory to satisfy that increasing demand. Many sellers are holding out for higher prices and they in fact may be coming your way soon. With many foreclosures still in the road ahead it is doubtful we will see meaningful price increases this year but the foundation of a stabilizing market remains very strong indeed.

Who will be the first to blink has yet to be determined and if it is buyers willing to pay higher prices than recent comparable sales those who are financing still have that nasty appraisal process to deal with. The reality of more contracts falling through on their way to the closing table is very real indeed

This report shows our home inventory “power rankings” for the month ending March 31st. These rankings are set up so the top rated municipality will be the one who shows the highest reduction in inventory levels. Since it is these reductions, when coupled with stronger sales, which will move prices higher we want to rank those accordingly. So here are the inventory power rankings are the rankings for the month of March;

#1 Juno Beach –
#2 Hobe Sound –
#3 Jupiter – Down 4%
#3 Palm Beach Gardens – Down 4%
#5 Tequesta – Down 3%

This months’ report is in fact very bullish as each of our reporting municipalities showing a decrease in home inventory levels. Buyers again are faced with fewer choices and much of what is out there is either in poor condition or over-priced. During March in northern Palm Beach County the average inventory level dropped well over 5% adding more pressure. Next we move to Jupiter who is tied in the 3rd position with a 4% decrease in inventory. Inventory is a also a real concern here as while we are not at multi-year lows like in neighboring Palm Beach Gardens we are very close. As of April 1st we have 1,049 active listings compared to 1,094 on March 1st and we now sit about 12% below our 12 month high back on May 1st. We are also far below the 1,240 units we had in inventory one year ago. No doubt bad news for buyers who had been sitting on the proverbial fence in Jupiter waiting for lower prices.

Sunnier skies ahead……….

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Tom Priester

After spending years among the top individual performers at one of Palm Beach County’s largest and most successful real estate brokerages, Tom Priester knew there was another way to do real estate. A better way. Real estate services focused on the customer. Like the old days when the customer truly was #1. He tired of listening to why he should be going out to have his customers sign one sided buyers’ brokerage agreements. He tired of hearing how he should be selling customers why paying higher commissions, like 7% and 8%, was to their benefit. He tired of hearing how he should sell his clients on why they should be paying hundreds of dollars in additional “transaction fees”. The business had slid way too far from being focused on the customer. His customer. So he decided the time was right to be different…..by design. To start his own unique boutique real estate firm truly focused on his customers. They will now have access to a process focused on them. Only the best marketing techniques to sell their homes. No cutting corners. Commission structures based on his clients needs not his. Paradise Sharks was born out of Tom’s passion to return this business to the customer. Where it belongs. If you want a real estate experience that benefits you, just give Tom a call at 561 308-0175 or send him an e-mail at tom@paradisesharks.com. You can always pay more and receive less but that just would not make any sense. Would it?

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