Jupiter home inventory shows first signs of stabilization after 8 months

Pending home sales pull back for 5th straight month

Summer isn’t over in south Florida. Here the high temperatures and high humidity stay around longer than many parts of the country and I always use the autumnal equinox as my “official” end of summer. This year that happens in Jupiter at 4:21 AM on September 23rd. I plan on being sleeping but when I wake up on the 23rd it’s fall in my world.

Inventory

Summer has been interesting in the local real estate world with home inventory falling week after week after week. We use the summer solstice as our “official” start of summer and since then the number of properties available for sale in the Northern Palm Beaches has dropped from 1,768 to 1,610 a substantial decline of about 9%. Over the past 30 days, inventory has essentially dropped for the 8th straight month. Down just 1% since last month but down 17.5% from year ago levels.

The good news is we have just seen our very 1st real sign of stabilization as inventory has actually increased over the past 2 weeks. And it has been a rather healthy increase of 2.8%. The reality is, not that many new people are listing their homes but sales have dropped off and with that decline median prices of single family homes have retreated a bit. Pending home sales remain in their bearish trend dropping again 4.8% over the past 2 weeks, 7.5% over the past month and down 28.5% since this 5 month slide began back in April. The drop can be blamed on seasonal factors, on fewer options for buyers, but the fact remains demand has been weak. Prices held up fairly well but median single family home prices are down 2 straight months but still 8.2% above last years numbers. Median condo prices have fared better over the summer months staying flat since the middle of June.

Where we go from here is going to be interesting. All signs point to another year of record traffic in, and around, Jupiter. The stock market needs to forget it’s recent volatility but we see high demand and lower inventory pointing us towards higher prices ahead. Sellers of properties where there are few choices and high demand have priced well ahead of the market and we anticipate buyers stretching for these prices once summer is in the rear view mirror and the snow birds fly back into town. Nothing in todays numbers point to anything but higher prices for the best real estate in the Jupiter area. Always interesting, always fun.

Fins up…..

#jupiterhomesforsale

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