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Is the Jupiter real estate market heading for a summer vacation
So far 2016 has been a far cry from robust when it comes to real estate sales. Perhaps we are a bit spoiled as last year topped the record books for the total number of real estate sates in the Northern Palm Beaches. So expectations were high. Interest rates were low. On January 1st it was looking like a banner year heading our way.
 
 
But so far 2016 home sales through the end of May are down. And rather significantly by 12.5% over year ago numbers. No doubt we are using the best year in history as a benchmark and going back and looking at earlier years this years numbers look decent. Then we look at median prices and so far this year we are up by about 3.7% over the first 5 months when compared to 2015 numbers. Give most the credit to the condominium market where prices are up 8.8% while single family homes have only moved 2.5% higher so far this year.
Over the past 30 days we have seen declines in both pending home sales and inventory. Both numbers are important but let’s first look at what has happened to pending home sales.
 
 
As of June 1st in the Jupiter ... more

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