7th straight monthly drop for Jupiter home inventory.....but
Real estate sales in the Northern Palm Beaches have been dropping and we expect that to continue for at least another couple months. The drop seems to be mostly caused by the lack of quality, well priced inventory, but two straight monthly drops in home prices show demand could also be waning. The upcoming season still looks like a barn-burner and following the action in the local real estate market is a blast for guys like me.
While I watch the Jupiter home inventory numbers on a daily basis we report them twice a month in this forum and for 7 straight months those numbers have dropped. Month after month after month. Today's mid-month numbers are down another 2.5% from where we stood a month ago but down a whopping 16% from where we were back in February. The inventory of homes available for sale in Jupiter and other communities in the Northern Palm Beaches is incredibly important to buyers. It is the pool they have to select from if out shopping for a new home. As the pool gets smaller, and demand stays steady, in traditional markets prices will rise. As we have seen lately, if the pool of homes decreases month after month buyers can become frustrated and sales volumes can be adversely effected. When we see inventory levels, sales volume and prices all drop at the same time we take notice. And that is where we are right now.
What really is needed to test the market to it's fullest is inventory levels to increase. Especially with the 2014-2015 season heading our way. If the latest sales and price figures are really a "normal correction" of an overheated market then more selection for today's buyers will quickly turn things around and sales numbers should again pick up. So just where is the potential shift in Jupiter home inventory that we alluded to in the title? The....but..... in the subtitle?
While we have just reported our 7th straight monthly decline in the pool of homes available for buyers in the Northern Palm Beaches they actually are on the rise. Because while we are down 2.5% month over month the inventory level has actually been climbing for two weeks. Not by much. In fact only a total of 17 units, but it is an increase and that is something we haven't seen for 7 months. Until now. Is the market giving us a sign? Stay tuned as tomorrow we will be bringing you the latest pending home sales which have also been dropping month after month after month. If there is a shift watch for that trend to start changing as well. Always interesting, always fun.
Fins up.....
Tom Priester
Principal Broker
Paradise Sharks Real Estate
561.308.0175
tom@tompriester.com
paradisesharks.com
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