Monday, October 30, 2017 / by Carl Gentile
Jupiter Real Estate Inventory Rises
Finally! A month of increasing inventory!... now it was not drastic, but it was a step forward and that is all we need! For months, buying confidence has been high, demand high and inventory short. There is nothing more frustrating for those searching for a home than nothing worth buying in their price range. Frustration has lead many home buyers astray and many home sellers from not listing due to fear of finding a place to move into. From February to September we have seen a steady decrease in inventory levels, almost a 25% decline and what was available was what the industry likes to call "a fixer upper"...
Do not let this scare you though! There is good news! October has seen different numbers! We have seen roughly a 4% increase in inventory levels, a great sign just before entering snowbird season and the increased traffic. Typical buying season runs from December to March in the Jupiter area, so we are anticipating seeing a steady increase in inventory during this time as home owners prepare for increased traffic.
Low levels of inventory and high buyer demand has lead to a steady increase in prices in the Jupiter home market. The average sold listing price settled just around $400,000 for the month of October in Jupiter, Florida. Just over a year ago we were seeing steady average sold prices of the low to mid $300's. As Jupiter continues to develop and remains as a top destination for home owners and vacation goers we anticipate seeing a continued steady rise in prices.
Most importantly, when buying a home it is important to be educated on the real estate market, inventory levels, comparable properties and market conditions to understand how to proceed on a property you love to ensure it does not pass you by. Gentile & Associates powered by eXp Realty remains as one of the top producing real estate teams in Jupiter, Florida and the surrounding Palm Beach and Treasure Coast at the forefront of technology and education. Should you have any questions, do not hesitate to contact our team directly to have any and all of your questions immediately answered.