We started off strong for 2013 with Jupiter home sales  hitting 65 homes for the week. I continue to see two things going on in this market. Strong buyer demand and low supply of homes for sale. Season is starting and we have only 21 more homes for sale on the market than back in September. Fall is when no one really tries to sell their homes so the inventory should be at the lowest level for the year. Inventory levels remain static with just 1772 homes for sale in the areas of Jupiter, Tequesta, Juno Beach and Singer Island that I track. You would think there were be a surge in new listings for the season. We ha d quite a few this week but the sales are continue to deplete the inventory levels are an equal or greater pace. Back in June of 2009 we had 3082 homes for sale in the same area. We have a 43% decrease in inventory levels since 2009. There are definitely more buyers out there than sellers looking for a perfect home. Sorry to say but your choices are slim and that is why we are seeing many homes selling in just a few days once they hit the market.  


The banks are no longer dumping properties on the market either. Their new strategy is lets clean them up. New paint, new carpet and make them look clean and presentable and we will get top dollar for the properties. They don't seem to have the inventory they carried in the past so why dump them. Out of the 1772 homes for sale just 46 are bank owned or 2.5% and 79 are short sales or 4%. The total number of short sales and bank owned properties equal just 6.5% of our inventory levels which are almost half of what it was back in 2009. Have the prices gone up a lot. Some areas yes while others no. I see prices having increased at least 10-15% in the under $350,000 market since last year. Waterfront homes have appreciated and oceanfront condos are up a bit. What the numbers don't tell you is people are paying the same price for sub par places that may not have great views or need a lot of work. The homes last year in the same price needed less work and were better locations in the building or community. Here in Xanadu  two years ago for under $600,000 you got a preserve view with a remodeled home. The last home that sold for $600,000 was a view of a wall to the East side and a small strip of lawn to the South side. It was also all original inside and needed to be remodeled. So truly the prices have gone up in terms of value. Basically you are paying the  same today for less. Last year the same dollar bought you a Lexus and this year the same dollar is buying you a Chevy. Serious buyers know this but people looking at comps and on-line don't realize it yet.  


Buyers, it is important to get signed up to receive new listings as they come to market. Not only do you have to do some research by looking on-line, use any of my websites for your daily searches. It will save your searches and email you new listings as they come to market. Don't be afraid to call or contact me for questions about specific Jupiter ocean condos or homes or if you aren't seeing exactly what you want.  

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Jim McLane

Virtual Global Realty



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Posted by Jim McLane on


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Ian not until summer 2009 at the eaerlist. We should see another drop in price during spring 2009, similar to spring 2008 due to the increase in listings in spring, on top of the high and increasing level we still have. As mike noted, current inventory levels are higher than at this time last year (esp. for condos), and sales have plunged since the start of the financial crisis as a result, inventory is already rising. So, the eaerlist the bottom could be is June 2009, with summer 2009 more likely IMHO at that point one could re-assess whether to wait longer. A bad time to buy would be early spring 2009 (Feb-April), due to the perception on the part of sellers that the price will go up in the spring . Based on my experience in the market last spring.

Posted by Billa on Wednesday, January 23rd, 2013 at 1:42am

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