Gains in Jupiter pending home sales were short lived
Blame it on the inventory. Blame it on demand. Blame it on Rio. You can put the blame anywhere you want but the facts are the facts: Jupiter pending homes sales, and those in the entire Northern Palm Beach region, have fallen again. Down 27% from where we stood on May 1st. Down 15% from the moving 12 month average. Down 13% from where we were one year ago. Down 7% from where we were 30 days ago. Down, down, down, down.
Last month we had a little hope after Jupiter pending home sales rose for the first time since May. Inventory levels increased for the first time in over 7 months both on October 15th and November 1st. Things seemed to be turning around. But that turn around in Jupiter pending home sales lasted exactly one month. As of November 1st, they are now down for the 5th time in 6 months to the lowest levels we have seen in years. Let me say that again: Jupiter pending home sales are at the lowest levels we have seen in years.
It is easy to point to inventory as the problem as out in the trenches we still see a lot of activity when a home owner puts a realistic price on a well cared for property in a high demand area. But median sales prices have been falling and significantly. Single family home prices in the Jupiter area are down again as of November 1st for 4th straight month. Down 10% since July. There is just not enough of those well cared for, well priced homes hitting the market. Or demand is a bigger problem than we thought.
We have all along been the biggest cheerleaders for a huge 2014-2015 season here in paradise. The fact that Jupiter pending home sales fell last month is helping to quiet our cheering. Falling home prices is holding us back from shouting off teh roof tops. The lowest interest rates in well over a year tells us the economy continues to be an issue nationwide. We hope that it is not only inventory but inventory just of higher priced homes that is the problem. Otherwise, demand is sick and we can only hope the excitement of a new season and cold weather up north brings us a booster shot and things really are going to turn around. Always interesting, always fun.
Paradise Sharks Real Estate