Over the last two weeks, home inventory in the area has fallen another 7.2%. Since last month the numbers have fallen by 9.3%. What makes those numbers even more dramatic is we were already at record lows. Compared to year ago numbers, today’s buyer has 19.2% fewer options. Compared to two years ago on this date, Northern Palm Beaches home inventory is down 25.8%. It is a very serious problem for the market.
It’s the time of year we typically start to see an increase in inventory and hopefully there are a number of home owners that will look to take advantage of record home prices as the 2020-2021 season approaches. If you know anyone thinking of selling please have them contact us as Paradise Sharks badly needs listings to support current demand. In today's market we can list any home for no more than a 4% total commission and in many cases can save our clients even more.
With Jupiter home inventory on life support, home prices at all-time record highs and climbing quickly, and a virus still putting a stranglehold on the country one would think home sales are not good. Thing again. They are unbelievable. Pending home sales in the Jupiter area are up 11.3% in September. Last year they were down 6.5%. Looking at history, sales almost never improve in October. Not this year. In fact, at this moment there are more homes under contract in the area than at any time since May 1st of 2017. The real estate market is booming here in Jupiter.
While the market is strong from top to bottom it is the million-dollar market that is on fire. Today, pending homes sales where the list price is over a million dollars are up 282% from year ago numbers. Let that sink in. Inventory on life support, prices soaring higher, a deadly pandemic ruining the economy and million-dollar home sales up 282% from last year. And last year was a record year.
Next week Paradise Sharks will be bringing you an update on single family home prices in the Jupiter area. Last month the median single-family home price in the Jupiter area sat at $573,500 and we told you we felt by October 1st we would be closing in on the $600,000 threshold. Next week we will see if we were close.
Paradise Sharks loves our clients to make educated decisions. Our decades of experience and local small business culture has kicked the middlemen right out of the real estate transaction. No broker taking a cut of the pie, no franchise fees sent to faraway lands. Just true customer service and value you will not find anywhere else. Complimentary consultations are easy to set up anytime at firstname.lastname@example.org or 561.308.0175.