Is this the spark we have been waiting for
Lets face it, after watching pending home sales in the Northern Palm Beaches fall month after month, after month, after month we need a shift. Twice each month Paradise Sharks brings you detailed updates on pending home sales and for 14 straight reports over a span of 7 months it has been nothing but decline after decline, after decline. Until today. For the first time since way back on April 15th we can tell you that officially pending home sales have increased.
But don’t jump for joy just yet as the increase was not much of an increase. Less that 1/2 of 1% but still an increase from where we stood one month ago. A whopping total of 3 more properties under contract than we had on November 15th. No, it is not time to say the market is starting to roar again. But we can hope it is a sign of good things coming our way.
Inventory levels continue to climb which is a good sign for buyers. As of today, inventory levels in Jupiter and the surrounding communities have climbed for the third straight month giving buyers more choices than they have seen since June. Anybody who lives here in this slice of paradise knows things are busy. Busier than ever. We drove by Harbourside last Friday and could not believe the back up of traffic trying to to get into the development. I drove down Indiantown Road yesterday and the back up of traffic heading east towards the beach was something I have never seen in Jupiter.
We are heading over to to the Jupiter Town Council in a couple hours to show our disapproval of a pending development on Love Street where they are trying to get approval to build 20 buildings on a 4 acre parcel with 36 rental units, over 30,000 square feet of retail, over 27,000 square feet of office, almost 13,000 square feet of restaurant and a whopping 250 parking spaces. I doubt the parking is enough to properly handle the needs of the retail space let alone the balance of this high density proposal. Yes, it indeed is busier than ever and if town officials do not do something to rein it in, well our quality of life will not be improving.
The question is with all this traffic are we going to see the expected strengthening of the real estate market in the months ahead. The slide in median single family home prices has finally ended while condos still are waiting to signal positive price improvement. Many sellers are priced above recent sales hoping for the seasonal buyer ready, willing and able to buy into the dream while they still can. It’s going to get interesting and if Paradise Sharks can help you with real estate in any way please feel free to reach out to us at firstname.lastname@example.org or 561.308.0175.
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