Jupiter area home sales jump 17.7% in February
Seasonal home buying in the Northern Palm Beaches started off strong in the middle of January and that strength carried through February with a 17.7% increase in pending home sales. Nothing to get all excited about, as we expect stronger home sales this time of year. This year’s performance was fairly close to the 18.5% increase we saw last year, but as low as we had seen the number of homes under contract go, quite frankly I was hoping for better numbers.
If you remember, is was just 45 days ago that pending home sales in the Jupiter area sat at the lowest levels we had seen in over 6 years. While last month’s increase brought the number of homes currently under contract up to the best levels we have seen since June, we are still 10% below year ago numbers.
Inventory levels also improved, with buyer’s having 3.9% more options today than they had a month ago. That was a bit stronger than the 2.7% increase we saw last year. Even more telling is the fact the number of homes on the market has risen for 5 of the last 6 months and are at the highest levels we have seen since March of 2017. The number of sellers trying to sell their home is 9.5% higher than last year at this time.
Much blame had been put on rising interest rates for the slowness we had seen in the real estate market, not only here in Jupiter, but throughout the country. Today, the average overnight rate on a 30 year conforming fixed note sits at 4.43% and something caused a 10 basis point jump over the past couple days. More manipulation, but I truly would be surprised to see rates heading higher anytime soon as the Fed is left scratching its head about how to get rid of the 5 trillion in US debt on their balance sheet.
Median prices of both condos and single family homes in the Jupiter region have been inching higher but both still trail the highest prices we saw back in June. Watch for median prices to be heading higher in the weeks ahead. I am betting single family prices will reach a new all time high before too long.
Million dollar home sales in, and around, Jupiter have continued their very strong performance. After disappointing December numbers, both January and February closings have been higher than last years record pace at the top end of the market.
If you are even thinking about selling your home, my suggestion would be to act quickly. The best time to sell a condo in the Jupiter area is passing you by quickly and the single family home market is just kicking into high gear. Once June ends, so does the hottest real estate season in paradise. With real estate it’s all about timing.
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