The months roll on by and as we hit February 1st it’s time to bring you accurate real estate numbers for the Northern Palm Beaches once again. Over the past month things have changed, as we now have one of the prime “seasonal” months under our belt. Pending home sales bring us good news today as the have finally changed course. After what became a 9 month free fall, for the first time since our April 1st report from last year, we can finally tell you that pending homes sales in Jupiter and the surrounding towns have moved higher.
Over the past month pending home sales in the region have soared over 13%. Over just the past 2 weeks they are up over 5% so the growth slowed in the 2nd half of the month. We currently stand at about 91% of 2014 levels on this date so need higher numbers to keep pace with last year’s record breaking sales pace.
During January 2014 pending homes sales in Jupiter and the neighboring communities were up 14.9% so we did lag that performance by a full percentage point. Not bad, as once again, we are comparing these numbers to the highest volume sales year ever in history. But watch closely as last year in February pending home sales jumped almost 32% and I just do not see those numbers coming at us this year. Time will tell.
Home inventory climbed again during January after staying relatively flat the prior month. Over the past 30 days the number of homes that buyer’s have to choose from has grown in the Jupiter area by over 12%. Keep in mind that all numbers are for the Northern Palm Beaches and each home is unique as are the metrics surrounding it’s value. For example, in Tequesta over the past two weeks inventory has not changed at all while in Juno Beach inventory levels are up 12.5% over the same period.
This month’s inventory increase brings us to the highest levels we have seen in 10 months. Compared to last year, buyers have 6% fewer choices but February 1, 2015 numbers were the highest we had seen since June of 2014. Last year over the next 7 month period inventory dropped lower and lower until the trend reversed on October 1st.
Buyers need to start buying in February to keep this market moving. Last year pending home sales jumped about 32% in the region over the month of February. If prices are going to continue to move higher we need solid growth in these numbers this year.
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