JUPITER REAL ESTATE: THE MARKET IS SHIFTING, EXP. vs NEW
June 1, 2017 | Richard Sites
In residential real estate there is something used by agents called “The Hot Sheet”. Basically this is a morning update or recap of what happened overnight. Agents use this to look for new listings, price changes and expired listings. The hot sheet is a good barometer of where the market is heading.
The hot sheet today, June 1, shows a definite change in the Jupiter/Tequesta market. Let’s explore a little more.
For the last several months, there was hardly an expired or cancelled listing to be found on the hot sheet. Homes were selling quickly and the market for those priced under $450,000 was especially hot.
I listed 2 homes in this price range and they both sold within hours of hitting the market.
Typically the number of new listings has kept pace with those selling and there were very few expired or cancelled listings.
Slowly though, we began to see a slowdown in homes priced near or over $1 million.
Now, that shift and slowdown appears to have moved down into other price ranges.
This morning the hot sheet showed 30 listings expired or were cancelled while there were just 16 new listings. This is the first time I have seen such a change in the ratio of homes for sale.
This may mean that there is less demand for homes or that the new construction in the area is syphoning off buyers.
Between all the new homes and condos going up from North Palm Beach to Tequesta, buyers now have thousands of new options from which to choose.
These new homes start at around $450,000 for a townhouse in Alton and about $600,000 for a home in Sonoma Isles (plus lot premium).
So the net result is this: If you are selling, be nimble with your price point and don’t be afraid to lower the price to make the sale. If you are buying, do some research into the listing history and if the house has been on the market for awhile, don’t be afraid to soften your offer.
If you would like to have a conversation about meeting your real estate goals and needs use the contact form below or contact me directly at 561.762.4073.