Jupiter home inventory poised to tumble
If you are out there looking for the right opportunity in today’s housing market you need to be well prepared and educated. Interest rates haven’t moved much in 10 weeks. Median prices for single family homes in the Jupiter area have been climbing and have finally taken out the old 2005 highs. Condo prices are up about 10% since the beginning of the year. The economy keeps chugging along, but finding a good home to buy is not an easy task.
Prices have been moving higher and many sellers have been testing the market with even higher prices. Affordability remains a huge concern and buyers, at all price levels, have been forced to throw the budget out the window to find what they want. Buyers had been in charge and even today we see 8.9% of Jupiter single family home sellers lower their list price over the past week. But buyers are starting to reach and the limited inventory, paired with strong seasonal buying, has moved prices sharply higher. Median single family home prices in the Northern Palm Beaches are up almost 15% since December. These are big moves and unsustainable. Sellers have started grabbing some control.
With Easter over, April half over. and the temperatures starting to rise, the season is heading to a close. For home buyers that means both bad news and good news. The good news is pending home sales will start too fall and there will be less competition. The bad news is we are headed for a lengthy stretch of tumbling inventory. There will be less supply and it won’t get better for Jupiter home inventory until perhaps September. Finding a suitable home at the right price will not get any easier.
As of April 15th, the number of homes in the Jupiter area that buyers have to choose from has fallen slightly over both the 15 day and month over month time lines. Unless the market holds a big surprise, we are going to see a sharp drop in home inventory in the months ahead.
If you are selling, you need to be careful to not overprice, but also do not want to leave money on the table. If you are buying, you need to be set up to immediately be notified of opportunities that match your unique goals and be prepared to act quickly when the right opportunity presents itself. Paradise Sharks has our 4.5% maximum commission special available throughout Palm Beach and Martin County through May 31st. We would be honored to sit down with you and review your goals, whether you are selling, or buying, and show you the value we add to every transaction. Contact us anytime to set up your complimentary consultation at firstname.lastname@example.org or 561.308.0175.