Jupiter home inventory hits 46 month low
If you have been shopping for a home in the Northern Palm Beaches, we do not have to tell you how poor the selection is. It’s terrible and a lot of the offerings are either overpriced, or in poor condition, or both. As of today, the number of homes on the market for sale is at the worst levels we have seen in almost 4 years. Compared to one year ago, inventory levels in the Jupiter area are down 6% and the odds are pretty good we will see another decline over the next few weeks.
If you are thinking about selling your home, you need to understand the dearth of good listings and use this to your advantage. Interview brokers and ask them not only what they are going to do to sell your home for the most amount of money, but also how much they are going to charge you. Ask about price records they have set and don’t be shy about seeking documentation. If your property is in high demand, properly priced and marketed it should sell in days in many neighborhoods. When interviewing brokers, ask what the broker is going to do for you if your home sells in less than a week. If they do not offer a credit you might keep interviewing. There are some brokers still asking for 6% commissions and in many cases Paradise Sharks can provide our “let’s set a record price” marketing for as low as 4%. The difference between 4% and 6% on the median single family home sale so far this year in Jupiter is $10,469. If your house is desirable that money belongs in your pocket, not the real estate brokers.
The number of homes going under contract in the Jupiter area is also down this month. For the 4th straight month the number of sellers with smiles on their faces has declined. Lots of this is because many sellers are still priced too high and others have homes that do not present themselves well. It’s also seasonal as the reality is after May, home sales in the Northern Palm Beaches slow significantly over the remainder of the year. It’s not interest rates, that today sit at the lowest levels we have seen in 2 years. Its not demand, as even though sales are falling, they remain 5% higher than they were a year ago.
The key to this market remains sales at the top end that remain at the highest levels we have ever seen. It seems that day after day, week after week, month after month, new records are being set for resale homes that close in excess of $1,000,000. So far, no signs of that slowing down, but watch the economy closely. These sales have kept strong upward pressure on median home prices and while we are seeing some leveling off, median prices this year in Jupiter are still up 2.5%. If you want proof that location matters, and what happens to prices when a neighborhood has a lot of million dollars homes in a hot market, the median sales price in Tequesta this year is up an astounding 31%. Location, location, location and timing. You need to understand where your home fits into the equation as every home, street and neighborhood plays by very different rules.
We still have 5 more months before seasonal home buying starts boosting home sales numbers in the region. Inventory is going to be key. The economy and political craziness that is going on will play an even more important role. If you are planning on doing anything real estate, seek education and make informed decisions. Interview brokers if you are selling, or buying. Paradise Sharks would love the opportunity to interview and earn your trust and your business. We guarantee a high level of customer service and the best prices you will find anywhere. Contact us anytime at firstname.lastname@example.org or 561.308.0175 and we will be happy to show you what the future of real estate looks like.