I sit this morning in the Blackhawk Hotel after the first visit to my hometown of Bettendorf, Iowa in many years. Up early to bring you Paradise Sharks latest analysis of what is going on in the Jupiter area real estate market. And when we look over the inventory levels it is a bit frightening as they just keep dropping and dropping and dropping. To levels we have not seen in more years than it has been since my last visit to Iowa.
As we enter into the summer months, that historically brings us lower inventory levels, this is not where we want to be sitting. How low can inventory go? Well, this morning we had to revise our charts scale as today’s number blew through the old bottom. Down 8% since out April 15th report. Just 30 days ago. Looking back to where we stood one year ago, the available home inventory in the Jupiter area is down an astounding 27.2%. And remember we are heading into a season that typically brings us lower inventory. Scary stuff if you are looking for a home.
We have warned you that sales were starting to suffer as buyers struggle to find a property they want at a price they are willing to pay. But while sales have slowed a bit it really has been a fairly insignificant drop. As of this morning, pending home sales are down just about 4% from where we were on April 15th. But wipe that date off our spreadsheet and we would have to go way back to June of 2013 to find a higher level of current pending home sales. Buyers are still buying even with little inventory. Things have cooled a bit and we expect more cooling over the summer months but if we keep ahead of year ago numbers home prices are looking very solid at these levels.
The median condo price jumped 5.8% in 30 days, the median single family home price jumped an even more impressive 6.5%. For a one month jump both gains were very impressive with limited inventory adding fuel to the fire. We expect prices to level off, and probably retreat a bit, over the sumer months but with fewer and fewer homes for a still active pool of buyers anything can happen. Always interesting, always fun.
Paradise Sharks Real Estate