Juno Beach Home Inventory Rises for the First Time in 6 Months

Home Inventory in Juno Beach Increases by 7%

With Palm Beach County schools starting up again next week it is still a little early to say that summer is over but we are getting close. No doubt it has been an interesting summer on the front lines of the local real estate market and the recovery continues to change on a daily basis. If you are a buyer shrinking inventory levels have made your task of finding a new home more difficult. While we have seen dramatic reductions over the past few months the free fall seems to have cooled with very slight reductions in inventory reported for the period ending August 1st.

If you are a seller, in most neighborhoods and market segments, you are in control and pricing a bit higher than the most recent sales is a prudent marketing strategy. Sales have held steady but vary widely in strength depending on location and price point. The luxury market remains strong which is a good sign while private club communities are still experiencing excess inventory. Over the past 30 days pending home sales in the area have declined pointing to lower sales numbers ahead.

To date 2013 has been a remarkable year with strong sales and prices rising and this strength has been a very important factor in aiding the overall economic recovery. Investor activity in the market has been red hot with a multitude of firms entering the fray snapping up opportunities and this activity certainly impacts first time home buyers who are competing for these properties. Just one organization, Blackstone, claims through their representatives to have already purchased over 2,000 homes in South Florida over the past 11 months. Confirmation with public numbers show these numbers are probably accurate and that is just one group.

Blackstone, like many other investment groups, are making a long term play in real estate with a long term buy and hold strategy. No doubt they see prices heading much higher from today’s levels and they are very aggressive in their purchases. Over the weekend they contacted me about a home I have listed that is already under contract with a firm cash back-up offer being out on the table. During the 2nd quarter they purchased at least 5 homes in the Palm Beach Gardens Evergrene subdivision which represents 29% of teh neighborhood market. Truly quite remarkable.

So sales remain strong, still being driven by investors and many frustrated buyers are out there looking for the right opportunity. The number of new listings continues to drop as does the time is takes to sell a home in today’s market. Each month at this time we take a closer look at changes in home inventory in Juno Beach and the surrounding areas. Last month in this report we reported further drops in available homes so let’s take a closer look at what has transpired since then and how it will affect buyers as we move forward.

Juno

This report shows our home inventory “power rankings” for the month starting on August 1st. These rankings are set up so the top rated municipality will be the one who shows the highest overall reduction in inventory levels. Since it is these reductions, when coupled with stronger sales, that will continue to move prices higher we want to rank those accordingly. So here are the inventory power rankings are the rankings for the month that ended on July 30th.

#1 Hobe Sound –
#2 Tequesta
#3 Jupiter –
#4 Palm Beach Gardens –
#5 Juno Beach – up 7%

Last month we had 80% of our reporting municipalities show further declines in available home inventory with only Tequesta showing a very slight increase. Overall the northern Palm Beach County region showed further inventory declines with the average falling by another 7.8% and the median decrease weighing in at 6%. This month we again had 80% of our communities showing further declines in inventory but those reductions have slowed considerable with on average drop of 0.5% and a median drop of 2%. When well priced new homes in good shape do hit the market we continue to see multiple offers in a very short period of time and sales prices above list prices are becoming more and more an everyday occurrence. We begin this months report with home inventory in Juno Beach where inventory levels increased for the first time in 6 months. As of August 1st, total home inventory in Juno Beach sits at 76 which is up 5 units from the 71 available on July 1st. With these levels we find ourselves with home inventory in Juno Beach down 17% from the 12 month average that now sits at 91.33. Looking at the “seasonal” factor we are down 16.5% from the level of home inventory in Juno Beach that we reported on August 1st of last year.

Going to be another interesting month ahead.

Fins up until September ………

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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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