Confidence is a funny thing. Six weeks ago confidence in the real estate market in Jupiter was not real good. Pending home sales had not picked up after the 1st of the year as we had hoped. In fact, this very important metric had fallen to 8 year lows and we were searching for answers.
Since then we have had answers. Pending home sales in the Northern Palm Beaches are up a rather dramatic 49% since January 15th. That is a really big number and brings confidence back into the game. Interest rates are down below 4% on a conforming 30 year fixed loan. The meteoric rise in inventory has abated. Median single family home prices in the Jupiter area are down almost 4% over the past 5 months giving us some relief to the affordability issue which is still significant. Even the political dissidence in this country seemed to improve greatly after last nights performance by President Trump in front of Congress and the world. Yes confidence is a funny thing.
Can this confidence continue? That is the key. Season is only half over and what happens between now and May 1st will go a long way to how this year plays out. Since January 15th pending home sales in the Jupiter area are up 49%. Last year over the same period they were up 29%. in 2015 we were up 51%. At this moment 2017 is looking a lot more like 2015 than 2016 and that is a good thing.
Even the steep climb in inventory has abated with essentially no change over the past 30 days. But as anyone who follows this market knows, things can change in the blink of an eye so keep yours open. Your ears too. Listen to what the market is telling you. Inventory levels are still 10% higher than a year ago. Pending home sales are only up 7% since February 15th. Confidence is a funny thing and it can change very quickly. Right now things in real estate are looking pretty darn good. But we are in the middle of “season” here in Jupiter and we expect it.
If you are contemplating any moves make sure you interview at least 3 real estate brokers and seek answers to your questions. Quality of services and the fees associated with those services can vary dramatically so be informed. You can always ask any question to the Paradise Sharks team who can be reached at 561.308.0175 or firstname.lastname@example.org. We would be honored with the opportunity to earn your trust.