Northern Palm Beach single family home prices pull back as of May 1st
The median sales price of a single family home in the Northern Palm Beaches continues on a see-saw pattern for the 4th straight month. The trend still remains in the favor of higher prices but no doubt this consolidation pattern bears watching; closely. Paradise Sharks sees signs that next month at this time we might be telling you that for the first time in a long time median prices will have dropped over the previous 12 month period.
Over the past 30 days the median price of that Jupiter area single family home has pulled back about 3.2% and now stands at $420,000. When compared to year ago numbers we are only up slightly by 3.7% which is pretty much an average historical gain.
We are heading into a very interesting summer when anything can happen. The craziest Presidential campaign in history continues, interest rates are still low and should remain there, new construction prices are high with land scarce and demand for living in paradise still strong. Higher rents are keeping landlords happy but making it difficult for first time home buyers to save enough to buy at today’s prices. Home ownership levels on a national level have dropped to the 3rd lowest ever recorded. We are seeing weakness in certain rental properties which also bears watching; closely.
Condominium prices still look to be stronger than the single family market and while we are still weeks away from reporting those prices we expect them to be up for the 5th straight month. Whether you are buying or selling, single family home or condominium, you must understand that each property plays by it’s own set of rules. You must understand the metrics surrounding each home in you are going to make an educated decision. Paradise Sharks knows the numbers and if we can ever help you make a well informed decision please feel free to contact us anytime at 561.308.0175 or firstname.lastname@example.org