[New post] Jupiter single family home prices continue to smash records
Tom Priester posted: " It was a few weeks ago, Paradise Sharks Real Estate was installing a sign in front of a new listing we had in Abacoa. The neighbor came out and asked me what we were listing the home for. When I told him, his response was classic; That's absolute ins"
It was a few weeks ago, Paradise Sharks Real Estate was installing a sign in front of a new listing we had in Abacoa. The neighbor came out and asked me what we were listing the home for. When I told him, his response was classic; That's absolute insanity is what he said.
Little did he know that in a few days we would have it under contract, far above list price, and the final sales price, when we closed last week, was an amazing 55% more than that floorplan had ever sold for in the neighborhood. Even more amazing, was the house needed work with original air conditioning, original hot water heater and settlements cracks running around the first-floor tile.
It's happening in your neighborhood. It's happening in everyone's neighborhood. Asking prices seem so off the wall insane that nobody can believe them and ask when is the big crash coming? Well, so far all we are seeing is new record prices being set week, after week, after week. In fact, it's been over 26 weeks since we have seen the median price of a single-family home in the Northern Palm Beaches pull back, by even a penny.
As of May 1st, median Jupiter single family home prices, and those throughout the Northern Palm Beaches are up again. For the sixth straight month and yes, another all-time, brand-new record high. A month ago, that median price sat at $825,000. Today it sits at $852,500 for a monthly increase of 3.3%. Compared to one year ago, that median price is now up 21%.
Driving that increase is the million-dollar home buyer who has been in charge of where prices have headed now for well over 4 years. Never before in history, had over 40% of single-family home sales in the Northern Palm Beaches closed above the million-dollar threshold. Until April when an amazing 51% of sales did. It smashed the old monthly record by a mind-blowing 31%.
What about interest rates, that as of yesterday had risen a never before seen 69% just since January? No big deal. More buyers just showed up with cash. During April, 61% of all single-family home sales in the Jupiter area were closed with cash. It too set a new all-time record.
So, where do we go from here? I am going to tell you unless we see inflation continue to grow substantially, there is no way this can be sustained. Home affordability for the working family has never been worse, with home prices and interest rates at record highs. Something has to give. What nobody knows is, by how much, or when.
From my front row seat, I see median single family home prices climbing again this month as we see what historically is the end of seasonal home buying. This summer we should almost certainly see a slowdown in sales. Single family home inventory has now risen 37% since January in the Northern Palm Beaches. Most signs point to even higher interest rates coming our way. Doubtful, unless we see a bigger overall economic crash, that prices will crater, but they should pull back in the months ahead. Time will tell.
Paradise Sharks Real Estate takes great pride in educating our clients, friends and neighbors so they are able to make informed decisions. Knowing what you have to pay, and what kind of services you should receive is a critical part of any agreement of trust between you and any real estate broker. After all, with the median single family home price in the Northern Palm Beaches sitting at $852,500 and you agree to pay your listing broker a 6% commission that totals $51,500 when the median days it took to sell a house in Jupiter during April of only 7. If you agree to pay a real estate broker 5%, your total commission cost is still $42,625. That a whole bunch of money for a home that is selling so quickly.
Paradise Sharks Real Estate can list almost any single-family home in the Northern Palm Beaches in today's market for only 3.5% which would drop your total commission on that median priced single family home cost down to $29,838. That's a whole bunch of money in your pocket. Our 3.5% commission typically includes a 2.5% co-broke. If you want to offer less to the buyer's broker, or if we handle both sides of the transaction, we will save you even more. It's what we do.
Our consultations are absolutely free and can be set up easily at tom@paradisesharks.comor 561.308.0175. We would love to educate you and save you lots of money. We do what we say, and if we don't, we insist you fire us. It's as simple as that. Real estate…..redefined.
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