New 4 month high for Jupiter home inventory
The real estate market here in the Northern Palm Beaches does keep one on their toes. Sales of single family homes this year started a bit slow, climbed strongly, then fell rather sharply mainly in reaction to home inventory levels that seemed to go nowhere but down. But as of November 15th, Jupiter home inventory and that in her neighboring communities, is up for the 2nd straight month. Just what buyers have been waiting for. If there is pent up demand we should see brighter days ahead.
As of this morning, Jupiter home inventory levels are up almost 3% over the past month which is a great sign for buyers. We have to go way back to February to find the last time we enjoyed back to back monthly increases. We even have jumped slightly ahead of year ago inventory levels but still well behind the 12 month average. Many sellers are waiting for the opportune time to get the most for their property and all signs point to higher inventory levels heading our way over the next few months. Many sellers see the season as a period of rising prices and last year we did see strong increases in single family home prices but condo prices held steady. It looks like both should move higher through May this season but time will tell.
Median single family homes prices had pulled back strongly in the Jupiter area until October where we saw strength and a very solid rebound. With prices pulling back, interest rates hanging at very favorably historic levels, our seasonal visitors pouring into town, and now improvements in inventory just what is going to happen? We were very surprised by the strength in October sales numbers and frankly it is going to be a bigger surprise if we come close to those numbers this month. November has a long ways to go to keep up with October. But it’s still early. While we are still about a week or so away from our monthly condominium sales update we are expecting those numbers to be very, very strong as well.
Whether you are buying, or selling, in this market you must understand the numbers surrounding any individual property as they can be quite different depending on location. Jupiter home inventory numbers may be higher today but next week that too can change. Please do not think that what is true in the overall market is true for your neighborhood as nothing could be further from the truth. We see neighborhoods with no inventory and well priced new listings being snapped up in hours and others where sellers have set prices ahead of the market and buyers aren’t biting with listings sitting and becoming stale. Understand these differences as they are critical in making fully informed decisions. If you need any help please feel free to give us a call as we love numbers and want our clients to be educated.
Paradise Sharks Real Estate