Pending home sales highest we have seen in almost 2 years
The 2014-2015 season in Jupiter, and the surrounding communities, has already started to unwind. As predicted, it was a big season. Really, really big. We have never had as many seasonal visitors as we did this year. It does not take much to recognize that our little beach town is changing. She is growing, getting bigger, coming into her own. And people are buying homes, lots of them. Sales of single family homes, town homes and condominiums are up to levels we have not seen since June of 2013.
As of April 15th, pending Jupiter home sales are up again for the 3rd consecutive month. And they are up across the board in every category. They are up an amazing 65% since the record lows we hit just 3 months ago. They are up 30% from the moving 12 month average. They are up 12.5% from year ago numbers. They are up over 6% from where we stood one month ago. Up another 3% from where we were just two weeks ago. Amazing strength for Jupiter home sales and those throughout the Northern Palm Beaches.
The crazy thing is buyers are out every day writing contracts driving Jupiter home sales to record levels with inventory that is just plain bad. As strong as pending home sales numbers are inventory numbers are just as bad. Available home inventory levels are down for 3 straight months. Down to the worst levels we have seen in 18 months. Down 13% from year ago numbers. Down 5.5% from the moving 12 month average. Down the same 5.5% from where we stood a month ago. Down another 1.5% from where we stood just two weeks ago. As good as home sales have been buyers are doing it with fewer choices. They are down across the board in every single category.
The really crazy thing is we have not seen higher sales combined with lower inventory come up with outcome one would expect. Prices are not being driven as high as one would think with sales numbers this high. The median condo price in the Jupiter area had been down, or flat, for 5 months before moving higher by about 4% in our last report. Watch for them to move higher when we report again in about 7 days. The median single family home price did move higher for the 2nd straight month but the gains have been minuscule. As of April 1st they were up a whopping 1% and are essentially up about the same 1% over the past 12 months.
Since the day pending home sales started their record setting 65% move the available inventory is down 7.3%. During the same span median sales price of a condo in the area is up right about 2%. Median prices on a single family home have moved 1.3% higher. We really thought that more dynamic price increases were heading our way. Perhaps they still are.
Paradise Sharks Real Estate