Second straight monthly increase after 4 consecutive down months
If nothing else, the real estate market here in the Northern Palm Beaches keeps one on their toes. We still have a few days before we call 2015 a done deal and set our sights on the new year. Pending home sales have been poor at best and median prices of condos in and around the Jupiter/Palm Beach Gardens area have not risen since June.
But prices of single family homes have started to spike and we see much sharper increases coming your way. Prices over the past 30 days for median single family home prices in the region are up another 1.5% making the two month climb over 4%. What’s interesting is this upward pressure is being created with much slower sales. November sales of single family homes in the area were the slowest we have seen in years. They were down over 30% from the previous month and lagged year ago numbers by 13%. We still have a few days left in December but sales are no better than they were last month.
So prices are heading higher on much slower sales. Interesting, and this is going to be an interesting season. After touching $431,000 back in July single family home prices retreated back to $395,000. After this two month run we are back up to $411,000. From the strength in pricing we have been seeing lately look for a big jump next month when we publish our monthly single family pricing update. In fact, from my chair it looks like we will have a huge jump and take out the $431,000 high. Time will tell.