December numbers come in strong
Up until yesterday there was little good news to shout about when it came to the real estate market in the Northern Palm Beaches. Sure condo sales, and prices, had done better than single family homes, but 2014 was kind of a ho-hum year. With 2015 here there seems to be a bit of change in the air. Single family home prices jump 5% and now we get a strong December showing for home sales in Jupiter and the Northern Palm Beaches.
During December we saw almost a 19% jump for home sales in Jupiter and the neighboring communities. We were almost 7% higher than year ago numbers. Another nice boost in the arm to go with yesterdays home price news. The snowbirds are here and that is a good thing. The spring buying season will soon be here and that is more good news.
But let’s not get too far ahead of ourselves as there still are obstacles on the road to full recovery. Pending homes sales were weak, very weak. Home sales will continue to be sputter until that changes so watch for a drop next month. Prices were up last month as buyers realized they had to pay more if they wanted “the” house as inventory numbers continue to lag. What will they do next month? Will they continue to push prices higher?
Many questions and no doubt many buyers are still concerned about the overall economy. Next year is an election year and it won’t be long before we are bombarded with negative ads and talk of the “fiscal cliff” that we haven’t heard since last election. Our national debt has now moved over the 18 trillion dollar mark which comes out to about $155,000 per taxpayer. Not exactly a laughing matter. Interest rates this morning are at a brand new 18 month low at 3.91%. Great for borrowers but a sign that the economy isn’t exactly booming. Many questions.
But today we enjoy an 19% jump in single family home sales in Jupiter during December but keep a close eye on what is happening tomorrow. It is another week before we dig into pending home sales and inventory but as of today neither is painting a very pretty picture. Maybe tomorrow. Always interesting, always fun.
Paradise Sharks Real Estate