Understand that we always see buying activity, especially on condominiums, start kicking into gear on January 15th. But 33%. WOW! Last year over the same period, pending home sales were up 19%. In 2017 it was up 17%. This year’s buying has been the strongest we have ever seen for the second half of January and hopefully a good sign of a strong real estate season ahead.
Buyers have plenty to be optimistic about, with interest rates this morning at the lowest we have seen since way back in June of last year. Inventory levels, as of January 15th, were up for the 5th straight month and the number of choices buyers have is up 24% over that span. In fact, if you are looking for a home in the Jupiter area, you have more options today than you have had since April 2017.
Choices, cheaper money and seasonal factors have brightened the real estate skies here in paradise. Median condo prices in the Jupiter area have been trending lower for 7 months and as of January 15th sat at the lowest levels we had seen since March of last year. Year over year gains sit at a paltry 2% gain. Furthermore, they sit 18% below the all time highs set way back in 2005 and 2006. Right now, signs sure look like condo prices will be moving higher and if buying remains as strong as we just saw over the past couple weeks, the moves may be substantial.
The key right now is to keep your eyes on pending home sales in the days ahead. Condo buyers tend to start the middle of January and no doubt they have shown up in force and should be driving prices higher. We are still about a month away from when single family home buyers typically start writing contracts. If they show up in force like the condo buyers just did you should see a lot of smiles on your favorite Realtor’s face over the next few months.
If you are going to be doing anything real estate, please consider contacting Paradise Sharks for a complimentary consultation. Our boutique brokerage kicks the middleman out of real estate so you get our decades of experience at prices most brokers can only dream about. If we don’t do what we say, fire us. We won’t be mad. In fact, we would want to sit down and buy you a margarita to learn what we could have done better. Contact us anytime at 561.308.0175 or firstname.lastname@example.org.