Jupiter area home prices have been on a seesaw since September with no clear cut direction. Up one month, down the next. We have to go way back to July of last year before finding a two month stretch of increasing prices. Pending home sales had been lackluster, inventory has been relatively flat for months and demand had been sputtering. Until 45 days ago. Inventory didn’t change but demand soared and as we have been telling you prices are heading higher. We will put our reputation on the line and say right now that next month the seesaw of median Jupiter area home prices will be over.
February started the ball rolling with median Jupiter area home prices moving higher by 4% to $379,000. With this performance, we remain fractionally higher than the 12 month moving average of $377,350 and about 4.5% higher than year ago numbers. We trail the 12 month high reached back in July by 5.25% and are still 28% the all time highs reached back in 2005. Jupiter area home prices have plenty of room to move from these levels.
The exciting news is prices changed direction on slower sales. The recent increase in pending home sales has not yet made an appearance at closing tables around the northern Palm Beaches. February sales of single family homes in, and around, the Jupiter area were slightly below January numbers, down 13.5% from year ago numbers and 28.5% below the 12 month moving average. But prices were up.
With demand jumping, and we can thank international buyers, baby boomers and our northern friends who are just sick and tired of winter, prices are moving higher from these levels. The 6 month seesaw ride will be over in 30 days. Bet the farm, prices are moving higher. At least through April/May. Too early to say what summer will bring but for now enjoy the ride as your Jupiter area home price is moving higher. Always interesting, always fun.
Paradise Sharks Real Estate