Buyers who are actively looking for a Jupiter home to buy are feeling it. Anybody in the Northern Palm Beaches who is following the real estate market is feeling it. There just isn’t much out there to get excited about except higher prices. This certainly isn’t a market for making deals and it isn’t going to get better anytime soon.
As of this morning, the number of homes on the market for sale in Jupiter and the neighboring communities has dipped again. Down 3.3% over month ago numbers. Down 18.6% from where we stood one year ago today. Down an amazing 21.5% from where we were when the current slide began back in January.
Our winter visitors seem to return to our shores earlier and earlier each year. We really are down to a couple months before they will start showing up. It is going to be very busy and all signs point to strong demand. You mix strong demand with waning inventory and prices could move strongly to the upside. Sure, single family home prices have moved higher for four straight years in the Northern Palm Beaches. However, so far the largest annual increase is so far this year at 9.4%. For the period between 2001 through 2005 the lowest annual increase was 14%. The average increase over this five year period was over 20%. The highest annual increase was 29%. Guess what. Out there on the front lines it is starting to feel crazy again. Just like it did back then.
Sales slow in the summer months and this year is no different. Pending homes sales in, and around, Jupiter dropped as of August 15th to the lowest levels we have seen in 7 months. Buyers should be looking at the next few months as great buying opportunities. February is usually when we start seeing big spikes in buying. Demand is coming, inventory stinks and the new home communities that will be coming on line will be priced significantly higher than the resale market.
Watch out as higher prices may be coming your way soon. If you are serious about getting into a new home there may never be a better time. Even with so little choice.