One month ago we told you to bet the farm that Jupiter area home prices would be up for the 2nd straight month. We thought it was a sure thing, no doubt about it, easy money, piece of cake. We told you to bet the farm! Turns out prices did rise but just barely. With pending home sales surging in record fashion we are surprised. When we see how fast new listings are getting snapped up we are more than a little surprised.
So if you would have bet the farm you would have won but to us it was too close for comfort. As of April 1st, Jupiter area single family home prices had moved higher by 1% over the past 30 days. Yes, it was the first time since July that prices have moved higher for two straight months. Since January 1st pending home sales have jumped 61% and we manage to see the median single family home price in the Jupiter area move higher by 1%. Big deal. We find the median single family home price up 1.3% from where we were a year ago. Big deal. We are up a whopping .6% from the 12 month moving average. Big deal. Frankly we thought the move higher would be bigger, stronger, more dynamic. Bet the farm big we thought.
We pointed out our concern about lack luster sales of mega luxury homes, which had slumped to 30 month lows during February. They picked up some in March but certainly not robust. Every day we are scrambling to get our clients in front of the best new opportunities as they are selling quickly. Median condo prices were up almost 4% as of March 15th. Single family homes must be jealous. Inventory remains poor. Interest rates as of today have dropped to the lowest levels we have seen since January. Something is wrong.
No, this market is not showing the strength we thought it would. Snowbirds, tired of another miserable winter, were pulling the trigger and sales were the strongest we have seen in almost 2 years. But so far the median Jupiter area single family home price isn’t benefitting. Watch this market. It’s funky and if you are buying or selling you need to be informed. If you aren’t you might make a mistake and mistakes in real estate can be expensive. Watch out.
Paradise Sharks Real Estate