Million Dollar Home Sales Set New Record in Northern Palm Beaches
Amazing rebound shows current strength of real estate market
The last time we took a look at homes that sold for over a million dollars in Jupiter and the neighboring communities it seemed that maybe the market was sputtering a bit. During the month of February only 19 homes sold above this lofty benchmark and that was concerning. When we tallied the final numbers for 2014 the level of these uber-luxury sales had grown steadily for 5 years. However the final count in 2014 was just 2.6% ahead of 2013 numbers. This year was going to be important.
We can look back at the years when real estate prices rise and fall since the turn of the century and with very few exceptions when $1M+ home sales grow prices rise. When $1M home sales fall so have prices. When we last updated you on these number total sales for the first 2 months of 2015 sat at 43 which was over 20% behind the previous years numbers and that was not what we look for in a robust market.
But two months does not make a year and March sales didn’t do much to change our mind. They totaled 25 compared to 33 for 2014 and the hole was getting deeper. But something happened in April was sales of $1M+ properties jumped an astonishing 96% in one month. When 49 homes sell for over a million dollars in one month we sit up and take notice. We have never, even in the boom years, had more homes sell at these prices. Never.
That one month brought us to within 4 sales of where we stood last year. Drive around any waterfront in the area and look at the new construction and major remodeling going on. Big money is spending big money on real estate. More than ever before. A few short weeks ago we were afraid they were pulling back but since then they have opened the throttle.
Paradise Sharks Real Estate