We need new listings to meet demand
October has arrived in paradise. Fall is in the air. The news came yesterday that a Tiger Woods restaurant will soon be open in Jupiter. The 2014-2015 season kicks off and it is going to be busier around here than we have ever seen. People are going to want to buy real estate. The Northern Palm Beaches are sought after. But this year we have a problem as frankly there just isn’t much to buy.
Each month at this time we bring you up to date on the latest Jupiter home inventory numbers and those of the neighboring communities making up this slice of paradise. As of today, there is once again less inventory than we reported a month ago. Down less than 1% over the past 30 days but more ground has been lost over the past two weeks and we are now at a brand new 12 month low. And our winter visitors will soon be here hitting the beach.
The overall economy is looking OK and if this pattern holds watch out for higher home prices. When Jupiter home inventory drops and demand strengthens there is only one way for them to go. Median condo prices in the Northern Palm Beaches have already been pretty much straight up since March. Up 19% in 6 months. Median single family home prices had been up 9 straight months before pulling back a bit in our last update. Up 12% since last November.
We are looking for prices to retreat a bit in the next month or two but after that watch out. The snowbirds are coming and reports are pointing to another brutal winter up north. We have new hotels in Abacoa and Harborside Place open or opening soon. More and more news like Tiger Woods restaurant, Harborside Place and everything else going on means interest. Interest means traffic. Traffic means demand. Demand means home sales and with Jupiter home inventory dropping again for the 7th straight month those buyers will have to pay more.
If you are even thinking about selling a property throughout Palm Beach or Martin County, Paradise Sharks Real Estate needs your listings. We will provide better marketing and lower prices than you will find anywhere and that is a promise. There is a reason why 80% of our recent listings have brought record prices for our clients while we keep their closing costs as low as possible. Feel free to contact us at 561.308.0175 or email@example.com for a complimentary consultation.
If you are looking to buy our buyer programs put you in position to be the first to know of new opportunities that meet your needs. Unique programs like our “New Construction Splash” can save you huge money. There is a reason why we tell everybody you can pay more and reveive less but that just doesn’t make any sense. Does it?
Paradise Sharks Real Estate