Slowest sales month in years to blame for decline
There is no doubt that the south Florida real estate market can change just about as quickly as our weather. After months and months of significant declines in pending home sales the winds of change blew in with strength as we reported a little over a week ago. A humongous 40% jump in pending home sales in just 30 days proves that the “really big” season we have been telling you about for so long is finally here. And just in time.
Inventory levels have not improved as much as we had hoped so it is going to be very interesting to see what transpires from here. When we look at actual closings of condominiums in Jupiter and the surrounding communities as of February 15th the numbers are down again. While we expect big changes, positive changes, when we bring you these numbers next month they are not here yet.
Local condo sales over the past month have been poor. We have been tracking these statistics for years and have never seen a slower month. Sales were down 14% over the previous month, down 13% from year ago numbers, down 31% from the 12 month moving average. But as we said, this soon will change and we expect a sharp turn around, and much higher sales in the months ahead.
Median condo prices in the Northern Palm Beaches were down again as well. In fact, we have to go way back to September to find a month where we could tell you local condo prices increased. The 30 day decline was small, less than 2%. We remain just 2% below the moving 12 month average and the good news is we remain a full 9% above year ago numbers. And we fully expect prices to start moving higher in the months ahead.
So another slow month is behind us but we see very blue skies in front of us. Not a visible cloud for months. Always interesting, always fun.
Paradise Sharks Real Estate