The seasonal buying of property in, and around, Jupiter continues but the strength is not what we had hoped. A volatile stock market has not helped. Limited inventory of well priced homes in the best locations has not helped. Rising median prices of single family homes has not helped. The craziest Presidential campaign ever has not helped. But still we are seeing positive seasonal buying of property here in paradise. Dirt cheap interest rates do help but they are back on the rise, up over 30 basis points in just the past 2 weeks.
The wealthy continue to buy, with home sales in the $1 million+ categories rising both in January and February when compared to last years numbers. However, median income families have little to choose from. In Jupiter, the median household income is about $66,713 according to Sperling’s. When factoring in realistic numbers for property taxes and insurance, assuming you have no other debt and a substantial down payment you might qualify for a $300,000 home. With a median single family home selling these days in the Jupiter area for $427,250 you can see the problem. If you are in the 50% of our population under the “median” income your housing problem is a big one.
As of March 1st, pending home sales in the Jupiter area are up for the second straight month to the highest levels we have seen since August. They were up 22.5% over the past month which is a significant jump. However, last year during the same period pending home sales jumped 31.7%. Total pending sales as of today are down over 15% from where they were in 2015. Solid performance, but it is easy to see the strength in today’s real estate market so far in 2016 has fallen well short of last year.
Meanwhile the number of homes for sale continue to climb, up for the fifth time in six months to new 12 month highs. Many sellers still priced ahead of the market, many homes still in poor condition relative to price. In the best locations any well priced home in good condition that is properly marketed is getting activity, lots of it. Both sellers and buyers need accurate, up to date information, to make wise decisions. The information is out there and if Paradise Sharks can be of help in any way please feel free to reach out to us at 561.308.0175 or firstname.lastname@example.org.