Juno Beach Condo Sales Slow in February
As we “sprung forward” last weekend the nice sunny skies lasting later in the day are a perfect reminder that spring home buying season is upon us once again. For the first time in over 6 years we are in a position where interest rates are at historic low rates, housing inventories are at multi-year lows and many economists are finally calling the bottom of the great real estate bubble.
There is no doubt that the foundation for potential price increases is stronger than we have seen for a very long time. Indexes that track sales of previously owned homes continue to rise on a national level and again strengthens the potential for prices to once again be on the rise. As we all know, real estate is very local in nature so let’s evaluate how sales looked in the local markets during the month of February.
#1 Hobe Sound –
#2 Jupiter –
#3 Palm Beach Gardens –
#4 Tequesta –
#4 North Palm Beach –
#6 Juno Beach – down 57%
When looking at the breakdown of local sales during the month of February the one word that comes to mind is bizarre. The smallest change in any municipality was 27% with three communities way ahead of January’s numbers and three reporting sales way below. The average difference in sales in the month over month reporting cycle was over a 43% change. When you balance out the highs and lows the “average” difference over the 30 day period was a more modest 5% change. The lack of quality inventory coupled with the low interest rates and pent up demand is the main factor in a rather strange month.
This month’s 6th place finisher in our sales power rankings are condominium sales in Juno Beach that after leading the pack last month came crashing back to earth with a 57% decrease in monthly sales numbers. Even with that dismal comparison the monthly sales were still tied for the 2nd best month experienced over the previous 8 month stretch well but still behind the 12 month average which stands at 5.16. They also fell slightly behind the the 4 units sold in February of last year. While the difference between January sales is shocking all in all not a bad month for sales of Juno Beach condominiums.
While sales fell prices realized were all above $300,000 with one sale at the $900,000 mark in the Waterfront building at 800 Ocean. So even with slower lower numbers we had some great properties trade hands at very good prices. The chart below shows the percentage of sales by price category for the month of January.
With all sales above $300,000 we would expect to see the median price put in a very good showing and that is what we got. In a market segment with very few sales on a monthly basis the “roller-coaster” ups and downs and be expected and up we went again in February. In fact we jumped to the 2nd highest monthly total of the past year at $390,000 which was well ahead of the median price of $305,000 in January. With this showing we stayed well ahead of the 12-month average of $330,313 and also above the median price sale of $325,000 we saw in February of last year. The chart below shows median prices on a monthly basis over the previous 12 month period.
So another month rolls by with more questions than answers but the signs still point to the local real estate markets continuing to recover with a few more bumps in the road but the economy seems to have the shock absorbers needed to handle whatever is thrown it’s way and with spring buying season staring us in the face it should be continued good times ahead.