UH OH what happened to Jupiter Home Inventory?
Jupiter home inventory drops for the 1st time since October
We keep looking for some good news when it comes to real estate in the Northern Palm Beaches. Sales have hardly been robust, median single family home prices are down about 9% since July and the streets, restaurants, beaches and bars around Jupiter have never been this busy. We start this year with a brand new record low for pending home sales.
One bright spot was home inventory levels in Jupiter and the surrounding communities that had been on the rise for two straight months. More selection to entice buyers has to be a good thing. We hoped the trend would continue as sellers try to take advantage of our winter visitors and a traditionally busy spring buying season. We still think inventory levels will climb over the next few months but not this month.
As of January 1st, Jupiter area home inventory levels dropped about 1.5% from where we stood a month ago. Nothing major but buyers have fewer choices than they did a month ago. In fact, they have fewer choices than they have had in a year with the exception of September and October.
So where do we go from here? We expect decent single family home sales in December although it is still a week or so too soon to tally final numbers. Median prices in the single family home market have fallen so fast, so quickly we see them stabilizing and even moving higher. For now. The condo market has been much stronger and we expect that to continue. The best new opportunities of well priced properties in good condition are still getting snapped up in most price categories. There just aren’t enough of them and this month’s drop in Jupiter home inventory doesn’t help.
Sales will be slower the next couple months. But what about prices? Will those buying homes be willing to pay more as many sellers still are holding on to prices a bit ahead of the market. Or will they remain stubborn and force sellers to drop their prices if they want a buyer. Will a shortage of properties cause prices to rise. Or will buyers wait until prices pull back before pulling the trigger? We still see prices moving higher through at least April/May but recent data has us wondering. Always interesting, always fun.
Paradise Sharks Real Estate