Over the past 9 months there has not been much good news when it came to Jupiter area home buyers writing new contracts. As of January 15th, the number of homes under contract in the Northern Palm Beaches had fallen an amazing 46% since May. Certainly seasonal factors are in force but this time the fall has been steeper and brought pending home sales to the lowest levels we have seen in many years.
Then during the second half of January home buying picked up and just in time. It was a very solid two weeks with pending home sales in the Jupiter area surging over 17%. Last year during the same period pending home sale were up 5%. Yes, it has been a very good two weeks for new real estate purchase contracts being written.
What caused the surge is hard to say. Traditionally seasonal home buying is strong and it may be pent up demand. Interest rates have stabilized so perhaps buyers trying to lock in before another potential move higher. Median prices of condominiums and single family homes have been stabilizing. Inventory levels have grown so perhaps better options.
It is also the time of the year we expect to see more homes being listed for sale. Home buyers in the Jupiter area have more choices today than they have had since April of 2014. Over the past month the number of homes on the market has jumped almost 14%. Last year during the same period they were up about 12%.
More choices, interest rates stabilizing, seasonal visitor crowds bigger than ever, prices stabilizing, times are good. Or at least they have been for the past two weeks. Location remains a key factor as are home sellers who seem to be reaching for the stars with list prices. The weeks ahead are going to be very interesting.
We just showed a few Jupiter homes to a client moving into the area and forwarded them a detailed analysis of two homes that they really liked. In one neighborhood the current inventory level was over 41 months and nothing under contract. In the other neighborhood inventory was 4.3 months with houses selling well. Same town, same price point, totally different metrics surrounding homes that were both very nice.
Information is your best friend when making decisions about real estate. Being educated is critical to limiting your exposure to mistakes which can be very expensive. If Paradise Sharks can ever help you understand what is going on, please feel free to contact us at 561.308.0175 or email@example.com for a totally complimentary consultation. We don’t sell you. We educate you so you can make fully informed decisions.