Lowest mid-month levels since way back in January
Sure, some of it is seasonal. Some can be blamed on questionable inventory. But there is no doubt sales of resale homes in Jupiter and the surrounding areas continue to drop. Down 3.2% from one month ago and down over 30% from where we stood back in April. If there is any good news it is compared to last years numbers we are down only 1% and over the past two weeks we have actually seen a bit of an increase.
One can sense something changing in the market but too early to put my finger on it. The equities markets have been volatile. Interest rates are dropping again. But the biggest news is our winter visitors are moving back into town and most signs point to another big season. Will they be writing real estate contracts still is the big question.
Right now they simply do not have much inventory to choose from. As of October 15th, the number of properties for sale in the Northern Palm Beaches are actually up over the past 30 days. Sure the increase was minimal, only 5 total units, but it was the first mid-month increase we have seen since January. Still buyers have about 18% fewer choices than they did a year ago. Looking at the highs in January we are down about 22%. Buyers do not have the options they have in the past and if they decide to start buying again prices could move significantly higher.
Stay tuned because this market is changing every day. If the snowbirds of 2015-2016 start buying, prices could soar in some areas. If they decide to hold back anything can happen. One thing we know is Paradise Sharks will have the most up to date analysis available on any property throughout Palm Beach or Martin County. If we can be of help with any of your real estate needs please let us know as we would LOVE to help.