[New post] Jupiter home prices poised to climb even higher
Tom Priester posted: " Let's face it, sales of single family homes in the Jupiter area are not what anyone would call robust. Closings in July were down a whopping 35% when compared to year ago numbers. They dropped to the lowest monthly totals we have seen since January. "
Let's face it, sales of single family homes in the Jupiter area are not what anyone would call robust. Closings in July were down a whopping 35% when compared to year ago numbers. They dropped to the lowest monthly totals we have seen since January. In the million dollar plus market, pending home sales are down 45% from April highs and July closings were the lowest we have seen since September of 2020.
Median single family home prices in the Northern Palm Beaches have been trading in a relatively tight range since April. Sure, they have been up for 8 straight months but the increase had become smaller and smaller. On April 1st that median price was $700,000 and on July 1st it was $707,175.
As of August 1st, prices had moved higher and the median single family home price in the Jupiter area had climbed to another all time record high of $710,000. On January 1st, the median price was $592,000, so for the year median prices are up a rather substantial 20%.
All signs point for more substantial price increases in the weeks ahead. Interest rates that continue to fall play a role. The lack of inventory plays a bigger role. Last week, we worked with three clients getting ready to list their homes for sale. In each case there was absolutely nothing in their neighborhoods for sale. Jupiter home prices appear to have nowhere to go but up.
In Juno Beach, we are seeing the total number of active listings in a range of 14 to 17. That is the total number of single family homes, town homes and condos that buyers have to choose from. Before Covid came to town, we would see active listings total 80 or higher. That's a drop in inventory of up to 80%. There are people want to buy but are faced with few choices.
In Tequesta, we have been seeing total active listings between 30 and 31. Pre-Covid, we were used to total listings at 150 or higher. Again, a drop in inventory of 80% and nothing for anxious buyers to select from.
New listings in good condition are selling lightning fast. Even though buyers are looking for value, it's not that kind of market. If they wait until tomorrow prices will probably be higher. It appears certain at this point we will see a substantial increase in median single family home prices in the Jupiter area over the next 30 days.
Looking out further than that is a guessing game. Too much going on and too many things that could go wrong. Or could go right. For now, sellers remain firmly in control and buyers have to reach if they want to win. I fully expect to see median Jupiter home prices soar to new records this month as season draws even closer. If the economy keeps on track, if interest rates keep dropping, prices should continue to climb.
Sellers need to carefully analyze where their house should be positioned. In many neighborhoods they should be asking more. They should be able to negotiate with their real estate broker and get not only world class customer service and marketing but also negotiate very favorable commissions, Interview, ask questions, and make informed decisions.
Paradise Sharks can list almost any home in the Northern Palm Beaches for a total commission not too exceed 3.5%. If we handle both sides of the transaction, that total commission will typically not exceed 2%. Decades of experience, a focus on the customer and their satisfaction, and value that we are very proud of. Complimentary consolations can be scheduled anytime at tom@paradisesharks.com or 561.308.0175.
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