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Jupiter Home Inventory Increases; Buyers' Rejoice

First Increase in Jupiter Home Inventory Since March 1st

Home buyers in the Northern Palm Beaches are frustrated. Frustrated that there is little quality inventory to choose from and buying a home is not an easy task in many market segments. Each client we have that comes to town seems bewildered when we tell them that we are at the mercy of what hits the market while they are here. In most price ranges and neighborhoods the inventory tends to be overpriced, in poor condition, has locational issues or a combination of factors. Especially homes that have been on the market for over 2 or 3 weeks. We saw one overpriced home in Jupiter lower their asking price for the 35th time and it is still sitting there after being on the market for almost 2 years. Banks have tended to overprice their foreclosures above market value and are countering many short sales with the same high prices. But the best new opportunities still are attracting lots of activity and quick sales. The problem is there just aren't enough "best new opportunities". Buyers for the most part remain "price" cautious. Sellers for the most part are pricing "ahead of the market". And the market has stalled.

Now the season has kicked off buyers look at the Jupiter home inventory, and that throughout the Northern Palm Beaches, and see little to get excited about. Well as of November 1st we have our first bit of good news as Jupiter home inventory is up for the first time in eight months. It was a decent increase of just over 5% and that is very good news. Buyers locally have the most options they have see since August 1st. Certainly not a bountiful selection but movement in the right direction. Finally, after 8 long months.

Last week we had three clients in town looking for the right opportunity and each found the same thing to be true. The best opportunities sell very quickly and there just aren't many of them. One of our clients landed a great property, in great condition, on a great lot, at a great price because the timing was right and we were able to react quickly The other two went back home understanding that Jupiter home inventory isn't what they had hoped. Buyers need to be positioned to react quickly because if they do not, someone else will.

Sales have been down, prices have been slipping and we need some good news as what will be the biggest season in our history has already kicked off. Yesterday we waited in line for a table at the Juno Beach Cafe so we know what is coming. Crowds. Will our visitors be willing to pay higher prices for lower quality? Will the inventory increases add strength to the buying side of the equation? Time will tell. Tomorrow we will look into the most recent pending home sales and those numbers will tell us where we are now. With season here our northern visitors will determine where we are going. Let the season begin!

Fins up.....

Tom Priester
Principal Broker

Paradise Sharks Real Estate