Selection of available properties continues to drop
Those looking to purchase a Jupiter home, or one in a neighboring community, continue to be frustrated. It's not easy as quality inventory is harder to find in these parts than a one legged pelican. Each month at this time we take another look at inventory levels in the north county region and for each of the past 6 months it isn't a pretty picture for buyers.
As of August 15th local home inventory has dropped below the 2000 unit level for the first time since November of last year. Down another 3.5% from a month ago and down almost 15% from levels we enjoyed back in February and March. Even though it is hard to find the perfect Jupiter home, buyers of single family homes have stepped up to the plate. Sales are up over 75% since February and prices have been heading higher and higher. And the 2014-2015 season is right around the corner.
The market for those looking for a Jupiter home has shown amazing strength. Perhaps a few minor contrarian signs. Single family home prices pulled back slightly as of August 1st but they had been up for 8 straight months and were due for a little correction. Condo buyers have not been keeping up there end of the bargain as sales there have dropped significantly over the summer months but some of this is seasonal and even more is the fact there is little to buy.
Tomorrow we will publish the latest pending home sales data and we expect to see more weakness. There has been a longer than normal lag between sales and falling pending sales numbers so the next few months are going to be interesting. Can prices hold firm until our seasonal friends start flocking back into town? So far it looks like they will. And if you think finding a Jupiter home is a tough task right now just wait until January.
Always interesting, always fun.