Sick Real Estate Market needs a Booster Shot
Pending Home Sales Down Again
When we look at the numbers there is not too much to argue about. The Northern Palm Beaches "sick real estate" market needs help. During September and October we saw a little life with pending home sales increasing for the first time since March. But as of December 15th pending home sales are once again down in Jupiter and the surrounding communities.
The drop was not large, not much more than 1%. However, we are within a whisker of the lowest numbers we have seen in years. The sick real estate market of 2014. The sick real estate market heading into 2015. As of today, pending home sales are 37% lower than the 12 month high we hit 8 months ago, 13% lower than the 12 month moving average, 6% below year ago numbers. Sick numbers.
Around here the glass is always half full and I want to see the silver lining in every cloud. Condominium sales have performed better that single family sales. The top end of the market has been much stronger than the middle. Good deals still get activity when marketed properly so we keep hoping a lack of quality inventory is the main issue.
Then we look at high end condos that sit there looking for a buyer at a list price 14% lower than a sale of a very similar unit a little over a month ago. We look at a nice home in Jupiter. that by my count, has lowered their list price an amazing 38 times and still sits there unsold when an owner is basically trying to give it away. These are signs that this is indeed a sick real estate market.
The snowbirds are here. Inventory levels have increased. Interest rates are low. We are watching for signs to show us this is the bottom and things are going to get better. Watch for our seasonal visitors to help boost the latest condominium sales numbers coming your way next week. Maybe there is a sign coming? Always Interesting, always fun.
Paradise Sharks Real Estate