Jupiter home sales continue to sputter
What a beautiful Sunday here in paradise as we kick off the month of October. Not sure where September went, but it sure went quickly. Our first stop today was opening day of the Palm Beach Gardens Green Market which is one of our favorite seasonal activities and for my money the “official” kick off of the 2017-2018 season.
When it comes to Jupiter home sales, and those throughout the rest of the Northern Palm Beaches, it is historically about February first that our northern visitors start writing contracts. We still have 4 months when pending sales usually fall and that is not a great sign for the local real estate market.
The reason is, as of today, pending homes sales in the area have been pretty much straight down over the past 6 months. On itself, that isn’t a big deal because it is the time of the year we expect sales to slow. But what is a big deal is the depths to which they have fallen. Today, the number of homes under contract in the Jupiter area is down about 19% from where they were last year on this day. Go back to 2015 and 2014 we are down 24% from those years. We are 29% short of where we were in 2013.
Pending homes sales are not good and remember we still have 4 more months during which they usually fall further. It is time to pay very close to this market. If you are thinking about doing anything real estate please make sure you are getting fully educated and making informed decisions.
Most signs point to Jupiter home sales falling because the number of quality homes on the market for sale is not good. Sales have been falling but prices have been pushing higher so demand doesn’t seem to be the big problem. It appears to be inventory.
Inventory levels in the Jupiter area are down again this month and sit at the lowest levels we have seen since November 2015. If there is any good news, it is this time of year we usually see more homes hitting the market. But new trends are showing many people are not as quick to list as they once were. They are happier in their current locations and understand if they sell there are not many choices for them to move up, or move down. New construction opportunities in the Jupiter area are not plentiful and expensive. If they sell where do they go.
Paradise Sharks is running a promotion through October 31st hoping it will help sellers who may be on the fence decide to sell and help alleviate the problem. The most we will charge any seller this month is a total commission of 4.5%. We understand we are not the right broker for every seller, but as we always say interview at least three brokers and get informed. We have set price records for multiple clients in September and know our marketing works. Quality homes are in demand and sellers right now are holding the keys. Commissions have been under pressure and that is to the benefit of sellers. Interview, ask questions and get informed.
There are also signs that right now may be the very best time a seller may have to get the best price for their home. It is a topic we will be covering in the weeks ahead and in the meantime in Paradise Sharks can be of help to anyone, with anything real estate, please feel free to contact us at firstname.lastname@example.org or 561.308.0175.