Interest rates have moved higher, but leveled off over the past month after a fairly steep climb. Options for home buyers in the Jupiter area have been improving, but are still far below year ago levels. Over the past month, inventory levels in the Northern Palm Beaches are down slightly and today sit about 11.5% behind 2017 numbers. Unfortunately, for those out looking for the perfect opportunity, the number of homes available for sale will, in all likelihood, continue to dwindle over the next 6 months.
Sales have not been fantastic this year, but so far in March are showing a bit of spunk. In fact, in Paradise Sharks March 1st market update we informed you that even though sales jumped in February by 18.5% pending home sales on March 1st were down 30% from what we have seen in recent years. But, over the first half of March, pending home sales in the area are up 9.6%, which again is a very nice spike, and a bit higher than expectations. Last year, over the same period pending home sales were up 7.9%. In 2016 they were up 4.1%. So, March to date has been a great month especially with interest rates rising and poor inventory.
What about prices. With sales (demand) pushing higher and inventory levels (supply) questionable one would expect pricing pressure to be to the upside. As of March 1st, median single family home prices in the Northern Palm Beaches were up for three straight months to $465,000 and so far this month are up about another $5,000. Getting very close to the 12 year highs we hit back in September. All time record highs are in sight. Median condo prices are reported each month by Paradise Sharks and are still about a week away from final numbers but watch for them to be up again to new 12 year highs. Still a ways to go before we are talking new all time records but prices have been pushing higher across the board.
The national economic news remains positive and while there is still way too much negative attitude out there, the stock market continues to react well to employment numbers and the growth we have been seeing. Stay tuned, pay attention and if doing anything real estate seek knowledge. Interview, ask questions and make informed decisions. If Paradise Sharks can ever be help in any way please feel free to contact us at email@example.com or 561.308.0175.