We’re back this week for another edition of the Jupiter Real Estate Report. Whenever possible I collate data from around the Jupiter, and Northern Palm Beach County area to give you a better view of the real estate environment in Jupiter, as well as specific neighborhoods such as Jonathan’s Landing and BallenIsles.
The first issue we will look at is the national interest rates, that a dramatically effecting sales levels in the Palm Beach County area. National rates are back down to 27 week lows hovering around 4.21% A lot of this had to do with the Fed QE purchases up in Washington, but it’s something to keep an eye on right here in Jupiter. We have seen an increase in all cash purchases over the last several years but lower mortgage interest rates can typically be seen to promote sales volume, something we’ve seen a continual increase of in the Jupiter area since the doldrums of 2008.
In addition, our next door neighbor Tequesta, has seen it’s home inventory shrink for 3rd straight month, indicating sales are moving right along. Home prices in the area have leveled off after a 5 month climb, and even condo prices as showing improvement after 6-months of average price reductions. The total number of properties in the area are down about 3% month over month, good news for home sellers in the area, but it means buyers have less options available and may have to do some hunting for a Jonathan’s Landing home that meet’s all their personal requirements.
Widening our focus to year-over-year spring numbers, we are now able to quantify that spring sales in the northern Palm Beach County area are not as strong as Spring 2013. There are many factors to be taken into account including the terrible winter kept many potential buyers up north, as well as higher mortgage interest rates year over year. Pending home sales have risen each month since January 15, 2014, showing good sales momentum leading into the summer.
Thanks again for taking a look at our Jupiter Real Estate Report. If buying a home is not on your radar screen this year, take a look at our Jonathan’s Landing rentals for a summer home in this beautiful gated community.
Check back soon for another Jupiter Real Estate Report!