November 15th pending home sales disappointing
October single family home sales in, and around, Jupiter Florida were very strong. Surprisingly strong, Lots of sales pushing the median sales price higher. We update condo sales statistics in the middle of the month and while final numbers are not available at press time we can tell you they too will be strong but prices only holding steady. Still the signs were starting to show us that the summer slump of 2014 might be over. The "season" was here and things were starting to look bullish.
On November 1st, after 8 long months of decline, inventory levels finally increased. On November 7th we reported the first increase in median single family home prices after a steep slide that began on July 1st. Those prices were pushed higher by the strongest month of sales we had seen in a long time. Just yesterday we reported that inventory levels continued to grow. The "season" is here and things are staring to look bullish. Or are they?
Pending home sales are the pulse of any market. And today's numbers are disappointing. Down almost 7% over the past 30 days, after two straight months of increases. Down to the lowest numbers we have seen since January 15th. That is right, the lowest numbers we have seen in 10 months. Down 11% from year ago numbers. Down 12% from the 12 month moving average. Down, bearish down. If there is a silver lining it is the fact that over the past two weeks pending home sales are up; but not by much.
From our perspective the market is good. Our office is busy and we are out with clients. Good deals are hard to find. The best deals still sell quickly. Maybe the lack of quality, well priced inventory is a bigger factor that we realize. Maybe the pent-up demand is ready to drive this market out of the "summer slump". Maybe. Maybe not.
Maybe sales figures over the last 30 to 45 were a head-fake. Maybe the "summer slump" isn't over. Pending home sales are the pulse of the market and they are not telling us at this point the patient is recovering. They tell is the patient has just suffered a relapse. But the season is here, winter weather is starting off on a nasty foot up north, snowbirds like to buy real estate and they have more options than the market has provided for a long, long time. The patient can get better but as of now that has not happened.
If you are in the real estate market and making decisions, please make wise ones. Educated decisions. Knowledge is power. You cannot negotiate effectively without it. Know the numbers surrounding the property you are making a decision about. Each property is different. Each day is different. But a seasoned professional can help you and you deserve it. Make wise decisions. make informed decisions. And keep a close eye on the pulse of the market. If you need help just ring the Paradise Shark at 561.308.0175 or send us an e-mail to firstname.lastname@example.org. We would love to help and bring value to your real estate transactions. It's what we do.
Paradise Sharks Real Estate