Well, the market is just not sure what to do. The increase in interest rates certainly slowed things down which we saw from last summer into the fall. Then in February the market changed. If I go into the MLS, right now today, and search for all active listing in say Jupiter, there are 432. In the last 6 months there have been 701 closed sales, or about 117 closed sales per month. This is referred to as the “absortion rate”. Today however there are 264 units under contract to sell. Historically, there’s about a 90% chance that a property which goes under contract will close, so about 237 will sell. Thus, the absorption rate has about doubled. The result of this today is fewer homes to show a prospective buyer. And this is good news!
