Critical shortage for Jupiter home inventory
The Jupiter area looks to have escaped the wrath of Hurricane Dorian, and after a few days of preparation it’s time to get back to work. We are thankful for our luck, with many prayers for those on the northern islands of the Bahamas, who were brutally hammered by an enormous storm.
If you are one of those looking for the perfect home to buy, you already know that in the Northern Palm Beaches it is not an easy task, especially at the lower price points.
As of September 1st, resale home inventory in the Jupiter area was down for the 6th straight month and we are currently at the lowest levels we have seen since September of 2015. The scary thing is we are within a few listings of being at the worst levels buyers locally have seen in well over a decade. The pickings are indeed very slim.
The number of homes, buyers in the Jupiter area have to choose from, were down 7% during August, and currently sit 6.5% below levels we enjoyed one year ago. Depending on your price point, the numbers differ, but if you are looking for a single family home in Jupiter under $750,000, current inventory is slightly over 2 months which signals a strong seller’s market, and buyers truly need to have a game plan if they want to succeed. Over $750,000 current inventory levels are well over 7 months and buyers have a bit more control. The next 30 days are critical, as it is this time of year we can start seeing better selection for buyers, but hard to see at this point where a large number of seller’s would come from.
Paradise Sharks has being telling you for over two years, that it is buying at top end of price categories, pulling this market along with extremely strong sales numbers, month after month after month. Economic forces, and a large number of well healed buyers, relocating from states with high tax burdens that are no longer deductible, have combined to set record after record for resale homes that closed over the $1 million dollar threshold. Over the past 3 years, the percentage of sales above that mark have soared almost 50%. It’s been a boom time like we have never experienced for luxury real estate sales, but we continue to monitor those sales very closely, as once they start to pull back we fully expect the overall market to do the same. This year will be the 10th straight year that luxury sales have expanded and for now, we see nothing to end that streak.
The dearth of quality inventory, at lower prices, has helped to slow sales, even with interest rates sitting at the lowest levels we have seen in over two years, and we are within a whisker of 4 year lows. It’s a great time to borrow money for a home, if you can only find one. Pending home sales in the Jupiter area were down in August, for the 4th straight month, and we are looking for lower sales figures to continue until we get into the new year. While pending home sales, as of September 1st, are just slightly higher than year ago numbers, they are still historically low for what we like to see this time of the year.
Inventory is badly needed to meet demand and Paradise Sharks would love the opportunity to interview for your business if you are thinking about selling. Not only can we offer you the best commissions you will find anywhere, but our customer service will knock your socks off. We are a small business, with decades of experience, and without the middleman in the equation we save our clients a lot of money. It’s as simple as that.
Watch for Paradise Sharks promotion we will be formally announcing later this week as we try to raise a minimum of $25,000 for those suffering in the Abaco’s and Grand Bahama. To learn more, or to ask us anything related to real estate, please feel free to contact us anytime at 561.308.0175 or firstname.lastname@example.org.