The race to land the best opportunities is on, and quite frankly there just is not much quality inventory out there for buyers to look at. Competition for the best listings will be frantic. If a new listing hits the market, in move in condition, priced near fair value and professionally marketed it is not going to last very long. This is especially true for single family homes under the $500,000 mark and condo’s listed under $300,000. We just set up a search this morning for a Paradise Sharks client looking for a very specific opportunity. There is less than a 6 week inventory of properties meeting their unique criteria, which means any new, quality listing is going to sell in the blink of an eye. We have them hopefully positioned to win but it is not easy and a game plan must be clearly understood.
As of January 15th, inventory levels are up again over the past 30 days, for the 4th straight month. However, the total number of homes on the market today compared to a year ago is down by almost 9%. There is no reason to think a whole bunch of good listings will be hitting the market anytime soon. If demand perks up, as anticipated, the odds are extremely favorable for prices to start spiking.
Pending home sales in the Jupiter area fell again over the past 30 days and are down about 7.5% from one month ago. If there is good news, it is that the number of homes under contract is actually about 3% higher than year ago numbers and it has been a very long time since we have been able to say that. Last year pending home sales jumped over 39% between January 15th and February 15th. If we see that same kind of buying action, with limited inventory, prices are going to be heading higher.
As we tell you almost every single week, if you are playing the real estate game in the Jupiter area you must be making fully educated decisions or the odds of making an expensive mistake are high. Please interview brokers and ask questions. Paradise Sharks LOVE to be interviewed and you can reach us any time at 561.308.0175 or firstname.lastname@example.org. Be careful as the waters out there are getting rough and you might just want a shark by your side.