Are Jupiter home prices just months away from all time record highs
As of April 1st the median price of a single family home in the Jupiter area is up again. Over the past month that median price is up 2.4%. Over the past year the median price has risen by 14.5%.
Over the past month, sales of single family homes in the Northern Palm Beaches were the strongest we have seen in months. Over the two previous months the volume of sales over the past 30 days is up about 35%. Pending home sales have been up significantly for over two months but we started to see that level off as Paradise Sharks reported in our April 1st market update.
A month ago we saw these pending home sales numbers and thought the median price would have risen even higher. We ended up getting a nice $10,000 bump to $435,000 which ties us for a new 10 year high. Watch for very good sales volume in the month ahead and median prices to stay steady and perhaps retreat a bit in the single family home market segment. It is still a couple weeks before we bring you the latest median condominium prices but we are looking for a 3rd straight month of price increases getting us back to a 6 month high.
Rising prices with the summer months coming should slow the pace of home sales ahead. Inventory levels continue to climb with many sellers priced ahead of the market and many properties having condition issues. Last year we saw the median Jupiter home price jump over 13% between April 1st and July 1st. If we hit similar numbers this year we will be breaking all time record highs set back in 2005. With inventory levels this high those numbers are a stretch. Time will tell.
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