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Jupiter Florida Real Estate Market Review |
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Signs of Hope for the Jupiter Florida real estate market
 At last there's some good news for the Jupiter FL real estate market. Over the past two years there has been a steady decline in the number of homes for sale in Palm Beach County.
Market value is determined by market conditions such as supply, demand and availability of financing. With the supply going down (sometimes referred to as a decrease in inventory) I have hope that the market value has hit its low point.
In March 2007 according to our MLS statistics there were almost 27,000 homes and condos for sale in Palm Beach County. In two years that number is now less than 22,000 -- the supply of homes for sale has dropped approximately 18%.
There are three reasons for the decrease in inventory of homes for sale in Palm Beach County:
1. More homes are being sold.
2. Sellers are keeping their homes off the market.
3. Foreclosure inventory has decreased
Homes are selling if they are priced right as evidenced by the 33% increase in sales in Palm Beach County when comparing sales in February 2009 to February 2008. There was a 41% increase in sales in the Florida Treasure Coast area when comparing the same time periods. Most of the buyers are investors and first-time home buyers who can afford homes at today's prices.
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Home owners who feel they must sell or are facing foreclosure are more prevalent among those putting their homes up for sale. Those property owners who are not under financial pressure to sell are keeping their properties off the market while waiting for home sale prices to go up.
Some of the lenders have smartened up and have realized that dumping distressed properties on the market floods the market resulting in lowered sales price - its that supply issue we discussed earlier. As a result lenders who have foreclosed on properties are not as quick to put those homes on the Jupiter FL homes for sale roster. It's still a Buyers Market in the Jupiter Florida area even though there has been a decrease in the number of homes for sale in Palm Beach County. But these statistics indicate that slowly the bargaining strength of buyers and sellers will change which will, in turn, benefit sellers in the Jupiter FL real estate market.
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Last Updated ( Wednesday, 06 May 2009 )
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