This increase in inventory brings us to the highest levels we have seen since July, but are at the lowest levels we have seen on November 15th in many, many years. In many neighborhoods, and price points, buyers have little to be excited about.
Interest rates were unchanged over the past week, and today sit only 4 basis points higher than the 26 month lows we saw last month. The economy, and the tug of war on interest rates, between Jerome Powell and President Trump will play a significant role as we move forward. Mr. Powell says further Fed cuts are unlikely, but any softening in the economy will probably mean the opposite. I cannot tell you how any negative news about the economy will impact the real estate market over the next year.
Pending home sales did show some surprising strength and are actually up slightly over the past month. Last year over the same period, pending home sales were down 7.3% so any increase is strong positive. It was a rare increase for this time of the year, and in all honesty, we should expect further declines, that may be significant, over the next 60 days. Besides a surprising increase this month, pending home sales remain a very solid 8.4% higher than last year’s numbers which is another bullish sign.
Million dollar home sales had shown some weakness over the past three months but so far November looks like a very solid rebound. There is no doubt that 2019 will be a record year at the very top end of the market. Drive around any residential waterfront neighborhood in the Northern Palm Beaches and you will see custom home construction like we have never seen before.
Median single family home prices have been moving higher, and as of today, are back up to all time record highs. Interestingly, condo prices are still in a funk and remain at the lowest levels we have seen since April. Once seasonal condo buying starts picking up in two months you can bet condo prices will be moving higher as well.
We are just heading into the most exciting time of the year for Jupiter real estate. If you are thinking about selling a condo, you better get going right now to come up with the most optimal pricing and marketing strategy. If you are thinking about selling a single family home you have another few weeks before you need to get serious.
Paradise Sharks has decades of experience in a career that has been nothing but real estate. Building it, selling it, studying it and writing about it. We have effectively kicked the middleman out of the real estate transaction and that saves our clients huge amounts of money. Our consultations are always complimentary and can be scheduled anytime at email@example.com or 561.308.0175. You can always pay more for real estate services, and receive less, but that just wouldn’t make any sense.