Welcome to September. If you are looking for a home to buy in the Northern Palm Beaches and was hoping things would get easier, well think again. The number of properties for sale in the Jupiter area dropped 8.5% in August and are just a whisker from the historic all time lows we set back on May 1st.

The housing market we currently have facing us in Jupiter is hardly recognizable compared to the one that left us about 15 months ago when the pandemic came to town. Jupiter home inventory, and that throughout the Northern Palm Beaches, is currently 67% lower than year ago numbers. It's pretty much been straight downhill since April of last year. The great pandemic fall of Jupiter home inventory.

Without much to buy, you know buyers are rightfully frustrated. Sales are down and during August pending home sales were lower for the 5th straight month. Down another 4% and as of today are down 6.4% from year ago levels. It was the second month they fell below year ago numbers after 12 straight months of higher numbers. Everything about the local real estate market has been turned upside down by this virus. Pending home sales are the lowest we have seen in 15 months. Down 37% from the all time record highs we saw back on April 1st.

At this moment, there is not a single distressed property on the market in the Northern Palm Beaches. Not one condo, Not one town home, one not single family home. No bank owned foreclosures, no shorts sales. Nothing. The landscape we are facing in the real estate is new territory that none of us have ever seen. I got my first real estate license in the early 1990's and it truly is a highly unusual time with no clear vision of where we might be heading. Inventory is more than scare, it's non-existent in many neighborhoods. There is no road map to follow for what happens next.

Median home prices so far have continued to climb. Median condo prices just hit another all-time record high of $315,000 even though the number of units closed has dropped now for 4 consecutive months. But it's the single family market where median prices have gone bonkers over the past month. Median single family home prices soared in August and this morning sit at $736,615 a 3.7% jump in 30 days. Sales of single family home were the slowest we have seen in 15 months. You got it, before this pandemic rolled into town.

Even the head of the Federal Reserve admitted this week that they aren't certain what will happen next. A rental crisis is looming in Jupiter and it's going to drive some to relocate and others into the street. Supply issues, demand questions and we are closing in on traditional strong seasonal buying. A dearth of options and historic low interest rates should keep pricing pressure to the upside but anything can happen.

It's critical if you are thinking about buying a home, or selling a home that you go into it with your eyes wide open. Get educated, interview brokers, ask lots of questions and make informed decision. Paradise Sharks Real Estate may not be the broker for everyone. We don't want to be. Size isn't our deal, quality is. Treating our clients the way they are meant to be treated. Saving them money many brokers will scoff at.

We happen to be super proud of who we are, and what we do, and would love the opportunity to sit down and answer any questions you may have. Much of our competition will show up with scripts they have been taught will "sell" you. We come prepared with decades of experience to "educate" you. Totally free private education sessions with Paradise Sharks Real Estate are super easy to schedule at tom@paradisesharks.com or 561.308.0175.

Fins up…….

#jupiterhomeinventory

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