UH OH what happened to Jupiter Home Inventory?

Jupiter home inventory drops for the 1st time since October

We keep looking for some good news when it comes to real estate in the Northern Palm Beaches. Sales have hardly been robust, median single family home prices are down about 9% since July and the streets, restaurants, beaches and bars around Jupiter have never been this busy. We start this year with a brand new record low for pending home sales.

One bright spot was home inventory levels in Jupiter and the surrounding communities that had been on the rise for two straight months. More selection to entice buyers has to be a good thing. We hoped the trend would continue as sellers try to take advantage of our winter visitors and a traditionally busy spring buying season. We still think inventory levels will climb over the next few months but not this month.

Inventory
As of January 1st, Jupiter area home inventory levels dropped about 1.5% from where we stood a month ago. Nothing major but buyers have fewer choices than they did a month ago. In fact, they have fewer choices than they have had in a year with the exception of September and October.

So where do we go from here? We expect decent single family home sales in December although it is still a week or so too soon to tally final numbers. Median prices in the single family home market have fallen so fast, so quickly we see them stabilizing and even moving higher. For now. The condo market has been much stronger and we expect that to continue. The best new opportunities of well priced properties in good condition are still getting snapped up in most price categories. There just aren’t enough of them and this month’s drop in Jupiter home inventory doesn’t help.

Sales will be slower the next couple months. But what about prices? Will those buying homes be willing to pay more as many sellers still are holding on to prices a bit ahead of the market. Or will they remain stubborn and force sellers to drop their prices if they want a buyer. Will a shortage of properties cause prices to rise. Or will buyers wait until prices pull back before pulling the trigger? We still see prices moving higher through at least April/May but recent data has us wondering. Always interesting, always fun.

Fins up…..

Tom Priester
Principal Broker

Paradise Sharks Real Estate
561.308.0175
tom@paradisesharks.com
http://www.paradisesharks.com

Advertisements

Published by

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?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s