4th straight monthly drop for Jupiter pending home sales.....but
You might notice that the title and sub title of today's article are eerily similar to the Jupiter home inventory titles we published yesterday. And that is because the Jupiter pending home sales data is eerily similar and both are pointing to potentially very good news ahead. Awesome news if you are rooting for higher home prices. Not such great news if you are looking for a home. Just as we are getting to ready to welcome our winter visitors for what we have told you for months will be a very big season. It's coming.
Just how similar are the numbers his month; home inventory numbers were down for the 7th straight month. Jupiter pending home sales as of today are down again for the 4th straight month. Home inventory was down 2.5% from where we stood a month ago, pending home sales in the Northern Palm Beaches are down 11% over the same period. Home inventory was down 16% from where we stood in February while pending home sales are down just about 7%. Sure, there are some differences in the percentages but the trends have been similar.
While a 11% monthly drop in pending home sales is significant, especially on the heels of three straight drops, change appears to be "in the air". Just like yesterday, when we reported that while month over month numbers declined, inventory number had actually improved slightly over the past 2 weeks. The first increase in 7 months. And today, we are very pleased to tell you that over the past two weeks Jupiter pending home sales are also showing a reversal. And a larger one than the inventory increase with an additional 42 units under contract in the Northern Palm Beaches region over the past 14 days. This is really, really big news. Higher prices coming your way big news.
As we have reported, prices have been dropping; the median priced single family home has dropped for two straight months. As of today, that decline would extend a 3rd month but the fall is slowing and has actually reversed trend over the past few days. The pressure may continue downward for a short time but it is going to change and once the season kicks off it sure looks to me like single family home prices will be heading higher from these levels. Condo prices have been on a totally different path but were also down last month for the 1st time since March. We expect that to only be a one month slide as all signs point to our next report showing a bullish movement in median condo prices. Limited supply and new construction, priced well above resales on a square foot basis, is selling exceptionally well. Prices are heading higher.
If you are a potential buyer and care about what price you pay my suggestion is to get on your running shoes and move fast. Real fast. Things can change, markets do change, but once the season hits everything at this point looks like prices will be heading higher with limited supply. Especially with this bump in the road in the single family home market there are buying opportunities. If you need help locating the right one and acting upon it to negotiate the most favorable pricing and terms then by all means give me a call. But you better hurry or be prepared to pay more. Higher prices ahead. Get it?
Paradise Sharks Real Estate