Snowbirds aid in 15% jump
Let’s face it, home buyers in Jupiter and the surrounding communities have been frustrated. The lack of quality inventory in many neighborhoods had stalled sales over the past six months. From May 1st of last year through January 1st of this year pending home sales in the area fell a rather dramatic 31%. Interest rates are low, cash transactions continue to climb and yet sales fell. But in January all of that turned around and rather impressively.
Certainly, we have seen overall inventory increase since the lows we experience back on October 1st but buyers appear to be back in the game. As of February 1st pending home sales in the Jupiter area jumped 15% over the past 30 days. We are back to the highest levels we have seen since August and for the first time in a very long time have moved ahead of year ago numbers. As of today, we are back within 5% of the 12 month moving average. All very good signs as we head into the last 3 to 4 months of what has been a very strong 2014-2015 season.
Median sales prices of single family homes in the Jupiter area moved higher in December to the highest levels we had seen since September. While it is still a bit early to publish the January results it appears that increase was fueled by a very strong month in December and we are looking for prices to pull back in January. Pending home sales have been down for so long it is great to see buyers back in the market during December. Will the increase in sales push median prices higher. We are confident it will but we still have a 30 to 60 day lapse before that shows up in the numbers. Always interesting, always fun.
Paradise Sharks Real Estate