Jupiter area home buyers pull back in May
Two weeks into May and we can see the strength we saw from home buyers in the Jupiter area during April has slowed. Through May 1st we have had 1,775 resale properties successfully close in the Northern Palm Beaches. When you compare that to last years volume of 1,985 you can see we have a long ways to go to keep pace with 2015’s record numbers. However, even with slowing demand median prices in the region for that period have moved from $294,900 to $308,000 for a year over year gain of 4.4%. Right now most of that gain can be attributed to the condominium market.
April was the first month this year we had improved upon 2015’s performance in pending home sales and gave us an opportunity to start playing catch up. There is no doubt we can do it if buyer demand stays relatively strong over the next 6 to 9 months. Interest rates are helping after dropping another 7 basis points last week to the lowest we have seen in 3 years.
While pending home sales have moved higher over the past 30 day period, looking deeper shows us they have actually declined over the first half of May. Last year, over the same 2 week period pending home sales dropped as well, but it was by less than 1%. This years’ decline since the first of the month was about 3.3% so we are back in the catch up mode.
Inventory levels are moved in tandem with pending home sales as they have dropped in month over month numbers but have increased over the past two weeks. We are still about a week away from bringing you the latest condo sales update but can tell you that sales have increased significantly for the 2nd straight month with median prices up 4 months in a row. Median prices should be up about 5% from year ago condo numbers. As we have already told you things are different in the single family home market and while we are still about 3 weeks from that update we are in a position that year over year prices may have dropped for the first time in a very long time. The good news is so far in May median prices in the single family market look to be strong.
Each property is so different and whether you are buying or selling you deserve complete information to make a knowledgable decision. Not only will Paradise Sharks make sure you have all the information we will help save you money at the same time. If we can ever be of service with anything real estate please feel free to contact us at 561 308-0175 or email@example.com