But what does that mean for real estate prices……
April is here and you know what that means. Winter is over, spring is here and our seasonal visitors start streaming back home. Especially this year with Easter coming at us early and many returning home to watch their grandchildren participate in the annual hunt for the painted egg.
Those visitors bolstered our real estate market with Jupiter area pending home sales up 61% since the first of the year. We truly are real estate analysts and study the numbers very closely almost every day. We breath real estate here at Paradise Sharks. It’s our passion. We can tell you that since we’ve been at it we have never seen anything like it. Especially when you consider that inventory hasn’t changed much: 1993 units on April 1st and 1976 units on January 1st. Less than a 1% move. When demand increases and supply stays constant prices usually rise but these days nothing is what it appears. Just look at interest rates.
As of April 1st, Jupiter area pending home sales are up for the 3rd straight month. And they are up in every single category we track. Up 3% from 2 weeks ago. Up 6% from month ago numbers. Up 11% from year ago numbers. Up 29% from the moving 12 month average. Up 61% from the first of the year. These are crazy strong numbers but what has it meant for prices?
Generally speaking there is no doubt the increase in Jupiter area pending home sales has bolstered prices. Median condo prices were up as of March 15th for the first time in 6 months and are within reach of the 7 year highs we hit back in September. We still lag those numbers by 4% but with Jupiter pending home sales moving so far, so fast, we frankly will be disappointed if we don’t surpass that when we next report median condo prices in about 3 weeks.
Median single family home prices in the Jupiter area had been treading water until our last report when we showed the largest single month price jump since April 2013. It has been since July of last year that we could show you a two month stretch of rising single family home prices in the Jupiter area. On March 7th, we published an article telling you to bet the farm that would no longer be the case when we report April numbers about a week from now. It is still too early to tell but that sure bet is looking like a nail biter at this moment. The big movement in Jupiter area pending home sales appears to be pushing median condo prices higher than the single family home market.
Where this market goes once our seasonal visitors have left is still anyone’s guess. On the front lines in most neighborhoods and price categories the action is fast and furious. Always interesting, always fun.