In the overall Northern Palm Beach real estate market, pending sales over the last half of January jumped 19%, which was in line with expectations. Last year, during the same time period pending home sales were up 17%. The year before they were up 15%. The stock market is higher, inventory is tight and it should be a very solid season for real estate here in the Jupiter area. It’s starting off just as we thought.
The other factor that is going to be important in what a property will sell for is the number of homes out there for buyers to consider. As of February 1st, inventory levels in the Northern Palm Beaches are up again for the 4th straight month. Again, pretty much in line with expectations, but watch for inventory to level off here and depending on the strength of sales, might even start pulling back. Again, location is extremely important as most municipalities saw inventory levels increase over the past two weeks but not Jupiter. Buyers there have fewer options today than they did on January 15th.
Interest rates have been rising and are up again this week. Expect them to level off, or at least we are praying they do. Nothing will take the air out of this market like rates that buyers find unacceptable. The latest tax rules our of Washington might also take the air out of sales at the top end of the market. The next few months are going to be very competitive and buyers and sellers each need to be well educated.
Real estate keeps getting trickier and the risks are high. The need for professional brokers helping you make educated decision has never been higher. Paradise Sharks takes great pride in educating our clients and not “selling” them. We believe an informed decision is always the best one. If we can help you in any way please feel free to contact us at firstname.lastname@example.org or 561.308.0175.