New record low for Jupiter home inventory
It’s not a great time to be looking for a home in the Northern Palm Beaches. In fact, your selection is just plain pitiful. Over the past 30 days, inventory levels have dropped once again for the 6th straight month. The monthly drop of 3% was in line with seasonal expectations but today there are 7.5% fewer homes on the market for buyers to select from compared to last year on this date.
But, the sad reality is, last month’s drop took us down to the worst inventory levels we have seen in well over a decade. Paradise Sharks has been keeping detailed records since 2007 and never has a homebuyer had less selection that they are faced with today. It simply is not a great time to be home shopping, especially in the lower price points, where there is nothing for sale in many neighborhoods.
We typically look for new construction to fill the supply side of the real estate equation, but here in South Florida, vacant land is not plentiful with most far away from the ocean and the reason people want to live here. Buyers can still find more bang for their buck in Martin County but on our Multiple Listing Service this morning, a total of 53 “new” homes are listed for sale in the Jupiter/Palm Beach Gardens region of Palm Beach County. The median list price for these homes is $737,990 compared to the $520,000 median price of homes sold over the past month. In the Prado development, you won’t find a new home under the $1,000,000 mark. Sonoma Isles shows their entry level pricing at $723,990 and if you want to head out to Reynolds Ranch in Jupiter Farms, the smallest floor plan starts at $917,990. Your best bet on paper for a new single family home is in Alton where their Park A model starts at $581,900.
There is no doubt that selection, or lack of selection, is impacting sales and as expected pending home sales were down again for the 5th straight month. As of today, pending home sales are 5% lower than year ago numbers and we are most probably looking at 4 more months of decline until we start seeing improvement.
If you are looking to buy, or sell a house, you truly need to interview brokers and find out, not only what they are going to charge you, but more importantly what they are going to do for you. Paradise Sharks takes great pride in being a small business, and because of our size we do not have all the middlemen costs many real estate brokers are encumbered by. We don’t split our commissions with a broker, we don’t pay franchise fees and we pass these savings directly to our clients, where they belong. All of our buyer clients get substantial credits at closing as our small way of saying thank you. Our sellers, get a very high quality of customer service, marketing expertise and commissions that start as low as 4%. If we can ever be of help, just reach out to us at 561.308.0175 or email@example.com. Our decades of experience is waiting and we would love the opportunity to show you what the future of real estate looks like.