Northern Palm Beach County Inventory Falls for 4th Straight Month
Being a buyer in the Jupiter area is not an easy task these days. Those lucky buyers who end up with a "deal" are almost always well prepared and ready to roll quickly when the right opportunity hits. If they do not act somebody else will. It remains a market where the best "deals" will have multiple offers in a day or two, if not hours.
As of July 1st, inventory levels in the Jupiter area have dropped for the 4th straight month. We are now at the lowest levels we have seen since November of last year. About the only good inventory news in the buyers column is the fact we still sit about 12.5% higher than we did a year ago. But with numbers sliding each month we may get back there sooner than many realize. Unless a flood of sellers unexpectedly come to the market we feel strongly that we will be pushing towards new lows during next years "season".
Buyers and sellers, need to be well informed and understand that each home is completely different when it comes to the metrics surrounding each property. This week we have recommended to a selling client to hold off listing their property for a couple months because of high inventory in their neighborhood and a competing property that will hurt their efforts. On the same day we are working with a buyer that a full priced cash offer with no contingencies and a 14 day closing isn't good enough to snag a home in the luxury market. Just around the corner sits a home that is a "steal" because of functional obsolescence created by a mansard roof.
There are "deals" if you are looking in the right places and that is the key in today's south Florida real estate market. We have an amazing home in Martin County that is a "deal" because of high association fees that may soon be resolved. We have a beach bungalow in Palm Beach County that is ready to be snagged because of inventory issues in the immediate area. We have a Palm Beach Gardens condominium that is a "deal" for an owner occupant because of leasing restrictions and other issues. The opportunities are still out there but we strongly feel that they will be fewer and further between once the 2014-2105 season kicks into gear.
Our little "secret" is out and the north county region is getting more and more popular. Last night I counted over 20 people waiting in line at the Food Shack on a Wednesday night in summer. Wait until February!
Paradise Sharks Real Estate