The local Realtors Association of the Palm Beaches (RAPB) just released the 2014 real estate sales statistics figures and there are are some terrific trends to discuss.
County wide Single Family Home prices were up 4.2% in 2014 while locally here in Jupiter prices went up by 9.1% and Palm Beach Gardens prices were up 6%.
This is terrific however the velocity of the market has increased again depleting inventory to the point where we have properties selling for above asking price. The average marketing time for a home in Jupiter was just 75 days in December compared with the 2013 average of 122. A significant drop.
The other sign of the times is that the months supply of inventory has dropped yet again in Jupiter from from 5.6 months in 12/13 to just 4.1 months in December 2014