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Jupiter home prices up again to new 10 year highs

A bit of excitement around here the last couple days with Hurricane Matthew swirling out in the Atlantic with end of the world scenarios from the press. Thankfully, he stayed well out to sea when he reached Jupiter and for that we are most thankful. In many ways a hurricane event shares similar elements to a successful home search. Preparation is the most important thing, a little good timing is helpful and most of all you should make it fun however possible. That is exactly how Paradise Sharks handled Matthew and it’s how we hope our clients feel on each and every transaction.

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As things slow down over the next couple months with hurricane formations in the Atlantic so do they with real estate here on land in the Jupiter area. Expect slower sales, coupled with more inventory and pricing pressure to the downside. Until December arrives these seasonal trends will be in force.

As of October 1st, the median price of a single family home in the Jupiter area was up for the third straight month and sits today at the highest level we have seen since 2006. Prices are up exactly 10% from one year ago and that is a big move. If you live in the median priced home today it is worth $440,000. But the number of sales were down to the lowest levels we have seen since February and it was a pretty steep 22% drop over the previous month. Even more telling is a 10% drop over year ago numbers.

If you are currently trying to buy or sell a property here in the Jupiter area you need to know how these trends affect you. Sellers will need to make sure there homes are professionally marketed and properly priced while buyers can use the slower buying season to their advantage. Come December that pendulum may swing but for now buyers are in charge.

As always, we encourage everybody to interview at least 3 real estate brokers and seek one you trust to assist you in meeting your goals. If Paradise Sharks can ever be of service please feel free to contact us anytime at 561.308.0175 or info@paradisesharks.com.

Fins up…….

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