Homes under contract in Jupiter remain at the lowest levels we have seen in years
A couple weeks ago we told you the Northern Palm Beaches real estate market was acting a bit schizophrenic and that remains the case. Median prices for single family homes in the area were up sharply in December and we expect condominium prices to remain strong when we publish the latest numbers in a week or so. But the number of buyers actually putting a property under contract keeps dropping.
Just look at the chart above and you can see that since May the number of homes under contract just keeps getting lower and lower. Over the past 30 days pending home sales in Jupiter and the surrounding communities has dropped another 6.5%. We trail year ago numbers by 5.3% and remain almost 19% behind the 12 month moving average. About the only hint of good news is over the past 2 weeks things have stabilized with little further declines.
With the streets, beaches, shops and restaurants as crowded as we have ever seen them the fact that buyers cannot find homes to buy is certainly concerning. Will limited inventory slow sales dramatically? Will buyers be willing to pay more and more for homes based on limited supply? Will more sellers enter the market in the coming weeks to help supply product for anxious buyers? We think the answer to each of these questions will be yes.
The fact remains that if you are looking to purchase a property in Palm Beach or Martin County you better have a game plan and the ability to make quick decisions. We specialize in putting our clients in position to win and if we can be of any help to you please feel free to contact us. Always interesting, always fun.
Paradise Sharks Real Estate