We have been telling you about the summertime blues in the real estate market for weeks. They are somewhat inevitable, but this year they feel a bit different. It’s not as much about demand with much of the blame to be put on the supply side of the equation. There are not enough well positioned homes for buyers to choose from.
So, Jupiter home sales sputter as they do in all of the municipalities that make up the Northern Palm Beaches. Since April 1st, pending home sales have been down for three straight months. Over the past 30 days they have fallen almost 13% but that isn’t the big story. The big story is where we stand compared to past years. The number of homes under contract in the Jupiter area are down 16% from where they were a year ago. Go back to 2015 and we are down by about 22%. Compared to 2014 we are down by 19%. You get the picture. Sales of Jupiter homes this summer are slower than one would hope.
Let’s face it, the political divide in this country has many on edge. But all one has to do is look at home prices to see it’s not demand that appears to be sick. As of today, the median priced single family home in the Jupiter area is selling for $460,000. It has been rising for 5 straight months. Up almost 8% from the $426,500 from where we stood back on February 1st. The run up of median condominium prices has been even more impressive, up over 10% between February 15th and June 15th.
The lack of demand isn’t slowing sales it’s the lack of homes willing buyers have to select from. The inventory of homes on the market is down again for the 4th straight month. History tells us it is going to get worse and we badly need listings. Good listings. Expect fewer homes to hit the market over the next two months. Paradise Sharks is running a promotion through the end of July in hopes potential sellers who might be on the fence decide to sell. Our maximum commission rates drops from 5% to 4.5% on any listing agreement signed prior to July 31st with Paradise Sharks as the broker. Contact us anytime at firstname.lastname@example.org or 561.308.0175 and we would be happy to discuss options with you.