Increase in pending homes sales in Jupiter as the season kicks into high gear
Everything about real estate in this slice of paradise is looking mighty fine as we kick off the last month of 2014. The number of homes for sale, that had been down for 7 straight months, have now increased for 2 straight months. Single family home prices were up last month after falling for three straight months. Condo prices remain near 6 year highs. Interest rates for a 30 year conforming mortgage fell back below 4% last week. Single family home sales volume moved much higher to new 3 month highs. Condo sales volume did even better moving to 6 month highs. New restaurants and shops seem to be open on every corner and they are filled to the brim with seasonal visitors.
Good times indeed for the real estate market in the Northern Palm Beaches region. More good news to report today as pending home sales in Jupiter and her surrounding neighbors moved higher after last months dismal performance. Up just shy of 4% over the past 30 days is probably nothing to shout loudly from atop your surfboard but it is a good sign. Added to the rest of the good news we have reported over the past 30 to 45 days a very good sign. Prices should be moving higher over the next few months. Unless we see some major cracks in the overall economy things are looking solid through spring for local real estate.
We would be remiss in not pointing out that overall activity has hardly been robust. Today’s numbers for pending home sales in Jupiter are still the 3rd lowest monthly numbers we have seen in well over 2 years. They are still over 10% below the 12 month moving average. Down almost 7% from year ago numbers. Buyers appear a bit hesitant. Hesitant of inventory that in many locations is priced too high. Hesitant as many homes out there are not exactly in move in condition. But buyers are out there reacting quite favorably to quality new listings. Still, pending home sales in Jupiter and the surrounding communities need to continue to climb higher from here.
As we finish up 2014 we have to look back and in many ways be disappointed as in no way did the numbers look as solid at 2013. Some market segments, especially the top locations, have performed better than others. If you never learned about location, location, location this year we have seen it in action in a very big way. Still, median prices are up only slightly from year ago numbers after big gains in 2013. I think it was a year of pent up demand looking for a reason to push this market higher. Here at Paradise Sharks we feel the 1st quarter is set up to start the new year off with a bang. Today’s news on pending home sales in Jupiter is a great springboard. We will continue to watch closely and keep you informed. Always interesting, always fun.