As Martin County, and Palm Beach County, have started to reopen the economy over the first half of May, the Northern Palm Beaches real estate market got a whiff of the smelling salts and is starting to awake from a two month snooze.
Jupiter pending home sales have jumped 12.5% over the first half of May and right now appear to be getting even stronger. In the overall Northern Palm Beaches area, pending home sales are up 9.6% over the past couple weeks and have shown a slight gain from month over month numbers.
Interest rates continue to tread water near all time lows and the crazy, I mean insane, debt added to this country’s bottom line should mean they are probably not going measurably higher for the foreseeable future. If you qualify for a loan, the cost of borrowing money is super cheap right now.
In other good news for buyers, the number of homes on the market has also increased nicely over the first half of May with a jump of 3.3%. Not a huge number, but looking at the same period last year inventory was a down 2.4% so better news than we typically except during a normal year. Still, overall poor inventory, demand from people pouring into the state from northern states in poor financial condition and pent up demand has kept pricing pressure to the upside which not many people, including me, would have projected a couple months ago.
Nobody is going to accuse 2020 of being a normal year and still so many questions out there. The Feds tone became far more pessimistic this week and the hatred in this country continues to make me shake my head, a lot. A terrible pandemic hits our country, with questionable origins, and instead of working together towards a solution its has become another hate fest for those who want to politicize it in some adverse manner.
Paradise Sharks is committed to helping our friends and neighbors, no matter what is going on in the overall market with any, and all, their real estate needs. We insist on providing exceptional quality when it comes to customer service and value, most of our competition with all those middleman expenses, can only dream about. We do more, for less, and are very proud of that. Complimentary consultations are easily scheduled at 561.308.0175 or email@example.com. If we can be of help in any way please let us know as we would be honored to be of service.