The number of homes for sale in the Northern Palm Beaches continues to grow. For 6th straight months the inventory of properties from which buyers can choose from has increased. As of today, there are more homes available for sale than anytime since way back in June of 2014. With more options on the shelf home buyers in Jupiter, and the surrounding villages, are writing contracts, lots of them.
The increases in inventory have been strong and across the board. Over the past 2 weeks inventory levels have increased by 3.7%. Over the past month they have increased by 2.7%. Since September, when this string of increases began, homebuyers have almost 30% more homes to choose from.
The good news is with more options sales have also perked up. Over the past two weeks pending home sales in the Jupiter area are up 4.1%. Over the past month they are up 17.2%. We continue to lag year ago numbers, but remember that 2015 was the year we shattered the all time record highs for homes sold in the Jupiter area.
Seasonal visitors are buying, spring buying season is underway and interest rates are low. Buyers are buying. Prices are rising. Median single family home prices have been up for 3 out of the last 4 months and we already predicted a big jump when we next report those numbers in another 3 weeks. However, realized prices on closed single family homes so far in March have been far lower than expected. While we still expect prices to increase next month it is most probably not going to be the big number we had predicted. Median condo prices were up last month for the first time since June of last year. Still another week before we bring you the latest numbers in this category but look for them to be up again.
The buy is on, prices are up, but it’s season. We expect strength and we are getting it. Remember each home, in each neighborhood is different and the factors surrounding its value are different. Whether you are buying, or selling, know these numbers and make fully educated decisions. If Paradise Sharks can help in any way please feel free to reach out to us at 561.308.0175 or firstname.lastname@example.org