Median sales price down slightly for the 1st time since October
While single family home prices have shown some rather dramatic swings over the past few months, it has been steady as she goes for condominium prices in the Northern Palm Beaches. The median price of a condominium in the Jupiter area was down slightly as of January 15th to $187,000. This is a less than a 2% drop from the $190,000 we had been stuck on since September.
The real estate market has been trying to find some direction with very limited inventory of quality, well priced homes. Some developments had plenty of active listings while anxious buyers have little to choose from in other locations. We just finished an analysis of a downtown West Palm Beach building where we do some business and inventory was at 18 months.
Interest rates have been most favorable with the average overnight rate on a conforming 30 year fixed rate at 3.85% as of this morning. We are still about a week away from the February 1st numbers for the movement in both pending sales and inventory and we hope to see increases in both categories. With pending home sales at multi-year lows expect poor sales numbers over the next 30 to 60 days. Will buyers be willing to come up with higher offers or will seller’s be forced to come down a bit in their expectations? Condo prices are up about 10.5% from year ago numbers while single family homes show a 7% increase. The market is trying to find some direction and slow and steady increases are the best bet for everyone. Always interesting, always fun.
Paradise Sharks Real Estate