Pending Jupiter home sales down for 5th straight month
Real estate here in the Northern Palm Beaches continues to be a tale of two markets. The ultra luxury market, where homes sell in excess of a million dollars, has been amazingly robust and stronger than it has ever been. The rest of the market, where affordability and qualifying for loans, is an important part of the tale, is just coasting along being carried by those luxury sales.
During May, pending home sales in the Jupiter area fell for the 5th straight month. Over the last half of the month, pending homes sales pulled back 4.4%, which was in line with expectations. More telling is the fact that as of June 1st, pending homes sales are lower than we have seen in over 6 years on this date. Be thankful for the luxury market that continues to carry the overall market on it’s shoulders.
Add to that the reality pending home sales will not really perk up with any strength until next year. We will watch the numbers trend lower for 7 long months before the normal seasonal buying starts in earnest around the middle of January, 2020. Thankfully, the million dollar market dances to it’s own beat as we need that market support over the next few months.
The fact is, while pending home sales in the overall market are down, sales at the top end of the market continue to boom. Last year, we saw more homes sell above $1M than in 2017 which took out a record that was 12 years old. This year’s numbers are up 13% from last year’s record pace and that’s big news.
The number of homes in the Jupiter market for sale, fell for the 3rd straight month but are still the highest we have seen on this date since 2016. Inventory numbers will continue to dwindle through the summer.
Interest rates are the lowest we have seen in 17 months and that is great news for those looking to purchase a home, as it helps offset median price increases that have been driven higher. Median condo prices are up for 6 months, while median single family prices are up for 8 months and just set a brand new, all time record high, of $515,000.
Not a market you want to make uneducated decisions in, as mistakes can be expensive. The condition of many listings is suspect and buyers need to fully understand how this effects prices and desirability. Don’t get sold, seek information and a broker who has the experience to properly guide you. Paradise Sharks has been doing nothing but real estate for over 3 decades and our boutique culture is designed to not only provide you world class service, but also amazing value. Because we do not pay franchise fees, or have a broker taking a cut of our commissions at the closing table, we can do more for less. It’s that simple and it’s a winning formula if you want to make informed decisions and save tons of money. If we can ever be of help, please feel free to contact us at firstname.lastname@example.org or 561.308.0175. We don’t sell, we educate and will save you money. It’s just what we do.