I have to say I didn’t see this coming. Over the past month a sleeping giant named home buyers woke up in the Northern Palm Beaches. And the giant roared with pending home sales up today a rather dramatic 39% from where we were a month ago. Certainly seasonal factors were at work but this is a jump only matched back in 2015. Never have we had more properties sell in a single year than we enjoyed 2015 and it all started with a huge jump in pending home sales in this time period. Jupiter home sales are looking awfully good right now.
Are we headed for another record breaking performance for Jupiter home sales in the year ahead? Interest rates on a 30 year fixed mortgage are back down below 4%. Home buyers have more choices with inventory in the Jupiter area up again over the past month. The number of homes buyers have to select from has improved by 24% over the past 6 months. Cheap money, more choices, a waking giant things are looking good. Or are they.
Affordability remains a huge issue with a median single family home in Jupiter last year selling for $450,000. In Tequesta $440,000. Palm Beach Gardens $430,000. Living in paradise is a treat but certainly not an inexpensive one. Median prices in the Jupiter area have been up for 5 straight years. The last time that happened the market turned sharply and median prices fell for 6 straight years. However, the overall price increase has not been as meteoric as we saw the last time.
Real estate sales and prices in the Jupiter area tend to be very volatile and can change in the blink of an eye. Since 2000 we have seen the number of homes sold fall as much as 39% in one year. We have seen median prices jump as much as 41% in one year. The overall economic picture remains murky with stock prices hitting new highs at the same time things in Washington hardly working smoothly at this point.
Each piece of real estate in unique. Anybody buying should focus on finding a home they will enjoy living in. They should focus on buying a home they can afford, good times and bad. Volatility is in the air. Last month the home buying giant awoke. Will he stay awake or go back to bed? Each property has a set of numbers that tell a story. Listen carefully to those numbers and if Paradise Sharks can ever help you understand them please feel free to contact us at 561.308.0175 or firstname.lastname@example.org.