The decline in quality resale homes available for sale in the Jupiter area has been real and it has been steep. From February through September the decline was almost 25% leaving buyers with little to choose from. The good news is, over the first half of October, we have seen better numbers. Not a huge jump, but today’s Jupiter homebuyer has 3.4% more options than they did just two weeks ago. As we head into the traditional seasonal buying season, it is our hope that inventory levels continue to increase.
Home prices have been rising in the Jupiter area with significant increases in the median prices of both condominiums and single family homes. With much competition, for the best new listings, buyers have been bidding prices up as we finally close in on new all time highs, at least in the single family market. Over the past few weeks prices have stabilized, and even pulled back slightly, but at this point it only looks like a bull market pausing a bit to catch it’s breath.
For prices to continue to higher plateaus we will need to see demand strengthen and for that we are still waiting. As of October 15th, pending home are down for the 6th straight month to the lowest levels we have seen since January. On the bright side, the drop has abated a bit over the past two weeks as we head towards a three month stretch where buying activity is historically pretty weak.
Interest rates will be a key component in this market and while they have moved higher in each of the past 5 weeks those increases have been fairly minor. With so much volatility coming out of Washington these days anything can happen but a sharp increase in rates will take the air out of this balloon in a hurry.
Real estate is so localized, buyers and sellers need to fully understand the market forces acting on each particular home as they can be quite different even if the homes are geographically in close proximity to each other. If you are considering doing anything real estate, your best bet is to interview at least three real estate brokers, ask questions and get informed. Educated decisions are powerful decisions. If Paradise Sharks can ever be of assistance in helping you make powerful decisions please contact us anytime at email@example.com or 561.308.0175.