Largest 30 day upward move in 21 months
Let’s face it, the weather here in south Florida has been amazing so far this winter. If we have anything to complain about it has maybe been too warm. The snowbird crowds have been intense with more people in town that we have ever seen before. But so far there had been no news to show they were making a significant impact on the real estate market. Paradise Sharks market update on January 1st showed both inventory and pending home sales falling. Neither was good news.
Over the first week of the new year, pending home sales have continued to drop but we have seen a slight uptick in inventory. As we finalized our research for changes in the median single family home prices in Jupiter we weren’t expecting much. After all, the median price of a single family home had fallen for 5 of the last 6 months. Prices since the end of June had dropped about 9%. Throw in fewer sales and we just weren’t expecting much good news for home prices in Jupiter.
Surprise, surprise, surprise as we tallied the numbers. The upward movement may be just the shot in the arm this market needs. Median home prices in Jupiter, and the rest of the Northern Palm Beaches, soared 5% in one month. The biggest 30 day price increase we had seen since April of 2013. A very long 21 month stretch. A big shot in the arm indeed.
Not only are home prices in Jupiter up over a month ago, this jump moved the gain over where we stood a year ago to 7%. It is also a very good sign that with increased traffic and fewer homes to select from buyers had no choice if they wanted to get in. Sellers, in many cases, are still priced ahead of the market and for the month of December they had their way. We know the 2014-2015 season is going to be big. Really big. We have been telling you for a year how big it was going to be. And it has been, but until today’s report the real estate market hadn’t joined the party. A much needed boost in the arm and a sign. If buyers still keep writing contracts this winter, even in fewer numbers, the numbers may get bigger. We still see home prices in Jupiter moving higher. At least through May/June. Always interesting, always fun.
Paradise Sharks Real Estate