New 10 month low for Jupiter area home sales
Things were looking up in the local real estate market, and they still are in all honesty, but one has to be a bit surprised, if not downright disappointed. The final single family statistics in Paradise Sharks' study of November Jupiter area home sales is not real good news. But the snowbirds have returned in droves and everything does looks great moving ahead. Higher inventory and pent up demand should be the story of the upcoming months. But this poor showing in Jupiter area home sales has us wondering.
The monthly total of Jupiter area home sales fell almost 35% when compared to last months' total, a big drop. We have not had such a poor performance since February. The monthly total was also 13% lower than we were last year at this same time. Compared to the 12 month running average of Jupiter area home sales we are down 27%. It was not an encouraging month no matter which way you want to look at the numbers.
What does this mean? Inventory has grown, last week interest rates dipped down below 4%, the season was starting off with a bang and good traffic. The one thing we look at closely is what happened to prices during a month like this where sales were lackluster. Tomorrow we should be tackling that issue in another article as price movements add another layer to the story.
Last year, Jupiter area home sales were weak in the first quarter. By far the worst 3 month stretch of the entire year. It is going to be very interesting as the next few months are crucial. We have to begin the new year with a much stronger start that we did this year. The market is poised and ready to forget 2014 and go back to the price growth we had in 2013. I am still a bull and see prices moving higher next year but not loving a very bearish month when it comes to Jupiter area home sales during November. Always interesting, always fun.
Paradise Sharks Real Estate