Northern Palm Beaches real estate market officially on Summer Vacation
Paradise Sharks told you it was coming. Summer vacation where buyers have less inventory to choose from and they don’t buy as much. The beach calls. It’s fun in the sun time. Who wants to go house shopping when that ocean water is feeling so good? It’s summer vacation.
The good news is it’s July 1st, fireworks and the celebration of America’s birthday just three days away. Bet we aren’t going to see much home shopping this weekend. I actually hope my phone doesn’t ring and I don’t have to show any property to anybody. I want to go to the beach and watch fireworks.
So what has happened to inventory levels in Jupiter and the surrounding towns since our last report. They are down. Down 3.5% over the past couple weeks. Down 5.3% over the past month. Down for the 3rd straight month to the lowest levels we have seen in 6 months. The silver lining; buyers actually have more choices that they did last year at this time. Actually quite a few more. Like almost 11% more. So anyone not taking the weekend off to hit the beach or watch fireworks and instead is out house hunting you do have more choices this year. We expect inventory numbers to continue to drop lower for the next 60+/- days. It’s summer vacation and who wants to prepare the house to sell unless you have to.
So with fewer choices than a month ago, but more choices than a year ago, are buyers buying? It’s an awesome time to lock in a loan with rates on a 30 year fixed note down 19 basis points over the past week and within a whisker of all time lows. Sure there is always buying but how much is what matters and how much is heading lower. You guessed it, summer vacation. Over the past two weeks pending home sales in the Jupiter area area down about 3%. Over the last month down about 8.5%. Pending home sales in the Northern Palm Beaches are now at 5 month lows and unlike inventory lower than year ago numbers, by about 7%.
So even though this summers buyers have 11% more homes to check out they are buying less than year ago buyers. The market is always changing. Each home is different and plays by different rules. Whether you are buying or selling in any market interview at least 3 real estate brokers. Ask them questions. Find out what they are going to do to help you meet your goals. Find out how much they are going to charge you. Ask questions.
Median condo prices have been moving higher in the Jupiter area and we have every reason to believe when we next report these numbers in about three weeks they will be up again for the 6th straight month. But the biggest news is the median single family home price in Jupiter. In a week or so we will have final numbers but get ready as they are going to be down from where we were a year ago. Jupiter home prices down. Paradise Sharks has not been able to say that for a long, long time. But we just said it. And there is still a lot of summer vacation ahead of us.
Be informed and if Paradise Sharks can be of help with anything real estate please feel free to contact us at 561.308.0175 or firstname.lastname@example.org.